Export growth in Thailand rebounds

For the first time since October, Thailand registered positive export growth at 0.9%.

OCBC Bank said:

February export growth came in at +0.9% yoy (first time in the positive since October) beating our expectation for -4.9% yoy while import growth also recovered to 8.3% yoy in the month (our forecast at 6.1%). The Manufacturing Production Index also came in better than expected at -3.40% yoy in the month.

BOT Governor indicated that the central bank is not looking to raise its interest rate anytime soon, seeing Q3 as the earliest time at which the BOT may consider a hike. Additionally, Prasarn said that the current THB level is appropriate for the economy and trade prospects but suggested that the central bank will act when necessary.

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