Thailand exports drop 7%

This is following an already depressing 4.5% contraction in July.

According to BBVA Research, Thailand's exports fell by a non-seasonally adjusted -7.0% y/y in August (consensus: -5.8% y/y), contracting further from a -4.5% y/y decline in the prior month. Imports also contracted by -8.8% y/y after a rise of 13.7% y/y in July.

"The outturn highlights worsening exports as the key downside risk for Thailand's growth outlook. Exports are expected to remain weak for some time given ongoing external uncertainty, with a rebound in external demand yet to materialize," BBVA noted.

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