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CNA
3 days ago
- Business
- CNA
Thai economy improved in April, outlook still intact, central bank says
BANGKOK :The Thai economy improved in April from March and the outlook remains in line with its downwardly revised forecast for this year with the impact of U.S. tariffs to be seen in the second half, the central bank said on Friday. The manufacturing sector improved after a sharp increase in exports drove inventory restocking, the Bank of Thailand said in a statement, but noted activity data was not yet reflecting the U.S. tariffs, which were announced in early April. "The second quarter started to show some impact, especially on confidence, but it's not clear yet," Assistant Governor Chayawadee Chai-Anant told a press conference. "Things are changing every day. The picture will be clearer in the third and fourth quarters," she added. At the end of April, the Bank of Thailand cut its central-case forecast for growth this year to 2 per cent, and Chayawadee said the outlook for the economy remained close to that. "If we look at the picture now, I must say that the picture may be more in line with the reference scenario that we have given, which is around 2 per cent or maybe better, because Q1 started out quite well and (global) trade negotiations were quite okay," she said. Thailand faces a 36 per cent U.S. tariff if a reduction can't be negotiated before a global moratorium expires in July. The government has submitted a proposal to Washington, but has yet to hold trade talks. Southeast Asia's second-largest economy expanded 2.5 per cent last year, lagging regional peers. While the tourism sector slightly improved in April from March, it remained weaker compared to the same period last year, the central bank said. Exports to the U.S. slowed slightly but remained at a high level, the BOT said. Total exports rose 9.9 per cent in April from a year earlier and imports increased by 17.3 per cent, the BOT said, leading to a trade deficit of $1.4 billion. The current account deficit was $1.5 billion in April.
CNA
3 days ago
- Business
- CNA
Thai economy improved in April on increased manufacturing, central bank says
BANGKOK :The Thai economy improved in April from March, driven by the manufacturing sector after a sharp increase in exports drove inventory replenishment and also helped by a slight rise in tourism, the central bank said in a report on Friday. It was too early to see adverse impacts from the U.S. tariff policy, which was announced in early April, the Bank of Thailand said, noting that private investment continued to expand. And while the tourism sector slightly improved from March, it remained weaker compared to the same period last year. "Although exports to the U.S. slowed slightly, they remained at a high level," the central bank said. Total exports rose 9.9 per cent in April from a year earlier and imports increased by 17.3 per cent, the BOT said, leading to a trade deficit of $1.4 billion.
Reuters
3 days ago
- Business
- Reuters
Thai economy improved in April on increased manufacturing, central bank says
BANGKOK, May 30 (Reuters) - The Thai economy improved in April from March, driven by the manufacturing sector after a sharp increase in exports drove inventory replenishment and also helped by a slight rise in tourism, the central bank said in a report on Friday. It was too early to see adverse impacts from the U.S. tariff policy, which was announced in early April, the Bank of Thailand said, noting that private investment continued to expand. And while the tourism sector slightly improved from March, it remained weaker compared to the same period last year. "Although exports to the U.S. slowed slightly, they remained at a high level," the central bank said. Total exports rose 9.9% in April from a year earlier and imports increased by 17.3%, the BOT said, leading to a trade deficit of $1.4 billion. Thailand recorded a current account deficit of $1.5 billion in April.
Reuters
14-05-2025
- Business
- Reuters
Thailand's worsening outlook led to April rate cut, central bank minutes show
BANGKOK, May 14 (Reuters) - Thailand's worsening economic outlook as U.S. tariffs intensified global trade tensions triggered a cut in interest rates last month, minutes of the Bank of Thailand's April 30 monetary policy meeting showed on Wednesday. At the meeting, the BOT's monetary policy committee voted 5-2 to cut the one-day repurchase rate (THCBIR=ECI), opens new tab by 25 basis points to 1.75%, the lowest level in two years, and lowered its growth and inflation forecasts. "Most members deemed it appropriate to cut the policy rate at this meeting to be consistent with the worsening economic outlook, address heightened downside risks, and align financial conditions with the evolving economic and inflation outlook," the minutes said. The BOT had also cut interest rates at its previous meeting in February. The central bank's next rate review is on June 25.
Bloomberg
09-05-2025
- Business
- Bloomberg
Thai Central Bank Sees Limited Policy Room After Three Rate Cuts
Thailand's central bank has limited 'ammunition' after recent interest rate cuts, according to Governor Sethaput Suthiwartnarueput, who called for more targeted measures to shield Southeast Asia's second-largest economy from the impact of US tariff. The Bank of Thailand is exploring additional measures, the timing of which will depend on the severity of the hit from US tariff on Thai exports, Sethaput told a briefing on Friday. The steps won't be broad-based but focused on sectors in need of help, he said.
