Monthly Brief on Thailand's economy

สรุปสภาวะเศรษฐกิจไทย

Monthly Economic Brief for Executives

31 July 2012

Charting Thailand’s Economy® | Monthly Economic Brief for Executives | www.ChartingThailandEconomy.com

www.ChartingThailandEconomy.com

About Charting Thailand’s Economy

Charting Thailand’s Economy® is a subscription‐only magazine providing monthly economic brief for executives.

We believe that following and understanding the economy should be exhaustive yet easy for everyone. Yet in reality it is so hard to make sense of all the information (news, opinions, etc.) presented to us.

This is where we come in and offer an easy way to follow the Thai economy. Our report includes test results (economic indicators) and summary. All the data used in our charts are from official sources, but we try to present them in a way that make sense and easy to understand.

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Editor’s talk

Dear readers,

We have been in e‐magazine format for 6 months already and I am proud to announce that we are starting the paper format with this issue. I also think that it’s a good time to recap why we exist at all, starting from our mission and the methodology that we believe will save you time in following the economy.

For our regular check on the health of the Thai economy, June saw another set back in production sectors especially in Manufacturing. Private consumption and investment, which grew impressively so far this year, also cooled down. Export situation has not improved.

Looking forward, Business and Industrial confidences are less optimistic. Concerns over budget and balance of payment deficits are still there.

We hope you enjoy our new way of helping you making sense of all economic data. See you again next month.

Saroj KhongkhaprasertsinManaging [email protected] Thailand’s Economy belongs to Chart Maker Co., Ltd.

Registered No. 0135555002491Address: 19 Moo 11, Lamlukka rd., Lamlukka sub‐district , Lamlukka district Pathumthani 12150, ThailandTel: +662 987 0919, Fax: +662 987 0917, Email: [email protected]

2

Data

Information

Interpretations

Under-standing

Our way to save you time in following the economy

Currentproblems

Our way to solve them

• Many experts’ insights, not sure whose to believe

• Produce your own insights from a good understanding

• Multiple sources • One source, one stop

• Information over load

• Only those that matter are selected

• Visual graphic presentation

• Explanations here and there

• Exhaustive and fact-based explanations

3

OVERVIEW OF THAILAND’S ECONOMIC INDICATORS

MonthlyHealth checkOn the economy

GDP& Real sector

Wealth distribution

Monetary sector Fiscal sector External

sector

• Economic structure• Growth projections• Historical growth• Production side indicators

• Expenditure side indicators

• Leading indicators

• Income distribution (GINI)

• Poverty line• Per Capita income• Unemployment• Household wealth

• Interest rates• Bank’s loan and deposit

• Bank’s capital ratio• Bank’s NPL• Stock markets• Inflation

• Budget balance• Public debt

• Balance of Payment• Current Account• Trade balance• Export • Import• External debt• International reserves

• Foreign Direct Investment

• Exchange rates• Tourists

4

How is the economy? How is my daughter?

She recovered quite well from the accident and will continue her development this year. Medicines and supplementary food

worked well.

She’s still growing disproportionately compared to other kids.

She’s quite healthy, only a little concern on her high sugar level.

The economy recovered strongly and quicker than expected. Monetary and Fiscal policy have been promoting growth well.

Income distribution, although improving, is still below international standard.

Overall Economic stability is good. Low inflation, stable exchange rate, but budget

deficit is still worrying.

Why we call this

A Monthly Health check on the economy

5

OUR ONLY MISSION:

Saving you time, in following the economy

“Charting Thailand's Economy provides a complete 360 degree viewpoint of the Thai economy and is

extremely easy to follow. I would highly recommend it to anyone interested in Thailand's economy”

Mr Gancanapol Van CompernolleDirector, L.V. Technology Plc.

"Simple, Understandable, & Practical"Mr Sivakorn SrisuwanCEO, Pan Asia Insurance Brokers Co., Ltd.

"It's exactly what I'm looking for to update on Thai economy in a few minutes. Really save my time.“

Ms Pikun Phitya‐isarakulFund Manager, Phillips Securities (Thailand) Plc.

6

www.ChartingThailandEconomy.com7

Executive summary

GrowthReal GDP in 1Q/2012, grew 0.3% y‐o‐y or 12.6% q‐o‐q despite manufacturing having not fully recovered from the flood damage. The strong growth was driven mainly by the service sector on the production side and Investment on the expenditure side.

Another set back in Real sector’s recovery in June especially for Manufacturing production. Private consumption and Private Investment also cooled down but the current level is still higher than a year ago. Property sector shows signs of improvement .

Export situation has not got better as there is only 0.5% growth in the first half of 2012 while Import grew 12.7%. FDI, on the other hand, grew 112% in the first 5 months of 2012 compared to the same period last year. BOI’s net application grew 66% in the first half of 2012, with Japan as the biggest source. Lastly a good sign from tourism, a 8% increase in tourist arrivals in the first half of 2012.

Looking forward, both Fiscal and Monetary policies are pro‐growth. Government spending in the first half of 2012 has increased substantially with compensation for flood victims and new investments among the extra items.

Policy rate is still at 3%, a rather low level. Bank’s loan continued to increase in May, reacting positively to the policy rate cuts earlier this year. Both Business and Industrial sentiments dropped slightly in June, but their respective levels are still considered healthy.Consumers are less pessimistic.

The consensus projection is still between 5.7‐6.0% for 2012 and between 4.7‐5.8% for 2013

Employment and wealth distributionThailand’ unemployment rate decreased slightly in May 2012 to 0.92%, the lowest among major and emerging economies.

Thailand’s per capita income was at USD 4,420 in 2011, ranked83th in the world. An average Thai is slightly poorer than an average Chinese but more than three times richer than an average Indian. Income distribution in Thailand is among the worst in Asia but the trend has been slightly improving. Absolute Poverty reduction seems to be working over the past six years as number of poor people decreasing and current level is low by international standard.

StabilityPrice stability is maintained with Head line inflation at 2.8% and Core inflation at 1.8% in July. This is very low by historical and international standards.

Banking system is quite healthy. Bank’s capital ratio is at 15.1% in May. Total system’s NPL decreased to 2.55% in 2Q12.

Fiscal stability is still worrying as budget deficits in the first half of 2012 is THB 174 billion worse off than the same period last year. Budget deficit for Thailand is still expected to be ‐2.3% of GDP. Public debt as percentage of GDP increased slightly this year due mainly to direct government debt. Majority of the public debt is domestic based.

Thai Baht depreciated slightly against a basket of key currencies in July . Balance of Payment deficit in the first half of 2012 due largely to deteriorating Trade Balance. External debt increased slightly this year but capability to repay is not a concern as debt service ratio continued to decline and international reserves is at healthy level.

CONTENT

Executive summary

Growth

Income distribution

Stability

• Thai economy recovered faster than expected with 1Q12 GDP growth of 0.3% Y-o-Y.• Another set back in Real sector’s recovery in June especially for Manufacturing

production.• Private consumption and Private Investment also cooled down but the current level is

still higher than a year ago. Property sector shows signs of improvement.• High FDI and tourist growth, but Export situation has not improved.• Both Fiscal and Monetary policies are pro-growth. • Latest round of surveys show Businesses and Industries being less optimistic, and

Consumers less pessimistic. • The consensus projection is still between 5.7-6.0% for 2012 and between 4.7-5.8% for

2013

• Thailand’s unemployment rate decreased slightly in May 2012 to 0.92%, the lowest among major and emerging economies.

• Thailand’s Income distribution is among the worst in Asia but has been improving in the past 5 years.

• Absolute Poverty reduction seems to be working over the past six years as number of poor people decreasing and current level is low by international standard.

• Price stability is maintained with Head line inflation at 2.8% and Core inflation at 1.8% in July.

• Banking system is quite healthy. Bank’s capital ratio is at 15.1% in May. Total system’s NPL decreased to 2.55% in 2Q12.

• Fiscal stability is still worrying as budget deficits in the first half of 2012 is THB 174 billion worse off than the same period last year. Public debt is increasing but not too worrying just yet.

• Balance of Payment deficit is also worrying. THB depreciated slightly in July. External debt has been increasing but still not dangerous.

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45

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65

71

Thailand waking up from the flood crisis

Chart 1.05 – Historical Real GDP growth rateAnnual growth, percent

Source: NESDB; CTE analysis

4.8%

2.2%

5.3%

7.1%6.3%

4.6%5.1% 5.0%

2.5%

-2.3%

7.8%

0.1% 0.3%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q12 2Q12 3Q12 4Q12

CAGR* 2000‐2011

= 3.9%

Note: (*) Cumulative Annual Growth Ratewww.ChartingThailandEconomy.com

9

Trading, Transport, Utilities among others have contributed positively to 1Q12 GDP growth

Chart 1.06a – Real growth by sector, 1Q12Year‐on‐Year percentage change

Source: NESDB; CTE analysis

0.3

9.1

6.5

5.2

4.1

3.9

3.8

2.5

2.3

0.8

0.7

-0.3

-1.0

-1.3

-2.0

-2.4

-4.2

GDP

Utilities

Financial

Hotel&Res

Trading

Agriculture

Transport

Health&Social

Education

Construction

PublicAdmin

Other social

Private HH

RealEstate

Mining

Fishing

Manufacture

Chart 1.06b – Sectoral contributions, 1Q12Contributions to total Real GDP growth


0.3

0.6

0.4

0.3

0.3

0.3

0.2

0.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

-1.7

GDP

Trading

Transport

Utilities

Agriculture

Financial

Hotel&Res

Education

Health&Social

PublicAdmin

Construction

Private HH

Other social

Fishing

Mining

RealEstate

Manufacture10

Investment and Private consumption have been key growth engines in 1Q12

Chart 1.08a – Real growth by expenditure, 1Q12Year‐on‐Year percentage change

0.3

20.5

4.5

2.7

-1.6

-3.2

GDP

I

‐M

C

G

X

Chart 1.08b – Expenditure Contributions, 1Q12Contributions to total Real GDP growth

0.3

4.0

1.3

-0.1

-0.2

-2.3

-2.4

GDP

I

C

G

Discrpncy

X

‐M

Source: NESDB; CTE analysis www.ChartingThailandEconomy.com11

Executive summary

Growth

Income distribution

Stability





2013








12

Agriculture production dropped in June from the month before but increased strongly compared to last year

Chart 1.10 – Agriculture production index (2005=100)

Source: Office of Agricultural Economics, Ministry of Agriculture and Cooperatives

100.0

106.7

110.2111.8

113.1112.0

116.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


CAGR2.5%

0.0

50.0

100.0

150.0

200.0

250.0

J F M A M J J A S O N D

Monthly Average

2011

2012

M‐o‐M‐5.8%

Y‐o‐Y7.0%

13

Big set back for MPI in June

Chart 1.11 – Manufacturing Production Index (2000=100)

Source: The Office of Industrial Economics www.ChartingThailandEconomy.com

109.9

123.9

137.6149.9

159.5172.4

179.1166.3

190.1

172.6

2002 2003 2004 2005 2006 2007 2008 2009 2010 20110.0

50.0

100.0

150.0

200.0

250.0


Monthly Average

2012

M‐o‐M‐3.5%

Y‐o‐Y‐9.6%

2011

CAGR5.1%

14

Set back from prior month in most sector MPIs

Chart 1.12a – Y‐on‐Y change in MPI by sectorJune 2012, percent

Source: The Office of Industrial Economics; CTE analysis

40.316.7

15.012.4

10.06.05.04.44.3

1.50.7

-1.1-2.4-3.1

-8.9-12.1

-16.5-16.6

-23.3-31.4

-39.8

VehiclesTobaccoElectricalBasic Mat

Wood productsMachineries

ChemicalMineral

Food & BevFurniture

Precision instruPetroleum

PaperRubber&PlasticTransport EquipMetal products

ApparelTextilesLeather

OAElectronic

Chart 1.12b – M‐on‐M change in MPI by sectorJune 2012, percent

0.77.4

-3.62.7

-6.9-3.4

-7.2-4.9

-9.52.2

-0.6-8.4

0.2-0.6

-2.5-13.7

-0.34.7

-2.0-1.6

-10.4


Slight drop in Capacity utilization rate with some industries running over normal capacity

Source: The Office of Industrial Economics

58.362.4

67.2

61.1

74.3 72.4

Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12

Chart 1.13a – Overall Capacity Utilization RatePercent

Chart 1.13b – Capacity utilization rate by sectorJune 2012, percent

139.8113.8

107.190.8

84.779.0

72.672.571.069.7

65.962.6

58.055.3

49.244.843.541.5

35.332.5

20.7

ElectronicPrecision instru

VehiclesMachineries

Transport EquipChemicalElectrical

PetroleumMineralPaper

Rubber&PlasticOA

Food & BevMetal products

Basic MatApparelTobaccoTextiles

FurnitureLeather

Wood products


Thailand ranks lowest in the latest round industrial production growth

Chart 1.14 – Manufacturing Production IndexLatest, percent change on year ago

Source: The Economist

9.5

8.4

7.6

7.6

6.0

4.7

4.7

3.0

2.6

2.4

2.0

-1.7

-2.0

-2.6

-4.3

-9.6

China ‐ Jun

Taiwan ‐ Feb

Singapore ‐ Jun

Malaysia ‐ May

Japan ‐ May

US ‐ Jun

Australia ‐ Q1

Indonesia ‐ May

South Korea ‐ May

India ‐ May

Russia ‐ Jun

Hong Kong ‐ Q1

Pakistan ‐ Apr

Euro Area ‐ May

Brazil ‐ May

Thailand ‐ Jun


Executive summary

Growth

Income distribution

Stability





2013








18

Despite a little set back compared to last month, Private consumptions continued its impressive growth from last year

Chart 1.15 – Composite Private Consumption Index* (2000=100)

Source: Bank of Thailand www.ChartingThailandEconomy.comNote: (*) seasonally adjusted

105.9111.4

118.1 121.9 124.1 126.0130.5 127.1

134.1138.9

02-Avg 03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 11-Avg125.0

130.0

135.0

140.0

145.0

150.0

155.0


Monthly Average

2012

M‐o‐M‐2.5%

Y‐o‐Y4.4%

2011

CAGR3.1%

19

Strong recovery in consumptions across the board so far this year despite a little set back in June

Chart 1.16a – Y‐on‐Y changeFirst 6 months of 2012 vs 2011, percent

Source: Bank of Thailand; CTE analysis

46.2

30.5

19.0

17.7

14.5

12.1

7.8

7.1

2.6

1.5

Commercial Car (Unit)

Passenger Car (Unit)

NGV (kg.)

LPG (litre)

HH electricity (kilowatt/hour)

Real VAT (2000 prices, baht)

Real import of consumer goods(2000 prices, US$)

Diesel (litre)

Motocycle (Unit)

Benzene & Gasohol (litre)

Chart 1.16b – M‐on‐M changeJun vs May 2012, percent

4.7

3.9

0.0

1.0

-5.7

-6.3

-18.4

5.6

-13.6

1.6


Private Investment is stronger than ever

Chart 1.17 – Private Investment Index (2000=100)

Source: Bank of Thailand www.ChartingThailandEconomy.com

118.3132.4

154.4169.6 172.2 171.9 178.0

156.6

186.4202.2

02-Avg 03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 11-Avg0.0

50.0

100.0

150.0

200.0

250.0

300.0


Monthly Average

2012

M‐o‐M0.0%

Y‐o‐Y18.3%

2011

CAGR6.1%

21

Impressive Private Investment growth across the board in the first 6 months of this year



25.3

19.6

6.2

4.6

4.5

Domestic commercial carsales (unit)

Import of Capital Goods(2000 prices, Baht)

Construction Area permitted(sqm)

Domestic Machinery sales*(2000 prices, Baht)

Domestic Cement sales (ton)

Chart 1.18b – M‐on‐M changeJun vs May 2012, percent

2.9

-1.2

-1.7

7.1

3.3

Note: (*) figures are 1‐month delayedwww.ChartingThailandEconomy.com

22

Improvements in Property indicators in May



66.5

12.4

-0.6

-11.8

Condo unit registered

New housing unit

Value of land transaction

Constr. Area in municipal

Chart 1.19b – M‐on‐M changeMay vs Apr 2012, percent

26.8

-62.7

33.8

-17.0


Executive summary

Growth

Income distribution

Stability





2013








24

FDI grows 112% in the first 5 months of 2012

Chart 5.14 – Foreign Direct InvestmentMillion USD

Source: BOT

8,048

9,460

11,331

8,547

4,853

9,690 9,511

05FY 06FY 07FY 08FY 09FY 10FY 11FY-2,000

0

2,000

4,000

6,000

8,000

10,000

12,000



Monthly cumulative FDI

2011

2012

25

BOI’s net application for the first 6 months of 2012 grew 66%

Chart 5.15 – BOI net application of foreign direct investment*Billion Baht

Source: Board of Investment

297

351

236

396

167

278

08FY 09FY 10FY 11FY 2011/6M 2012/6M

Note: (*) Foreign investment (foreign equity>=10%)


Japan has been the biggest source of FDI for Thailand

Chart 5.16 – BOI net application of FDI* breakdown by country groupPercent of total

Source: Board of Investment; CTE analysis

35%22%

44% 49%63%

23%

27%

17% 7%

0%15%

12%

6%8%

11%6%

12%6%

7%

6%3% 10% 3%2%

3%

20% 17%23% 27%

17%

08FY 09FY 10FY 11FY 2012/6M

Europe

Japan

ASEAN

ANIEs USA

Others

Note: (*) Foreign investment (foreign equity>=10%)(**) ANIEs: Taiwan, Hong Kong, South Korea


Tourist arrivals increased 8% y‐o‐y for the first 6 months of 2012

Chart 5.18 – International Tourist ArrivalsMillion visits

Source: Department of Tourism

10.810.0

11.7 11.5

13.814.5 14.6 14.1

15.9

19.1

02FY 03FY 04FY 05FY 06FY 07FY 08FY 09FY 10FY 11FY


0.0

5.0

10.0

15.0

20.0

25.0


20112012

Monthly cumulative

CAGR6.5%

28

More European tourists so far this year

Chart 5.19 – International Tourist Arrivals breakdown by country of nationalityPercent of total

Source: Department of Tourism; CTE analysis

52.6 52.1 50.0 51.2 54.1 52.3

27.0 27.3 28.7 27.9 25.9 28.3

6.4 6.2 6.0 5.3 5.0 5.2

14.0 14.3 15.3 15.6 15.0 14.2

07FY 08FY 09FY 10FY 11FY 2012/6M

East Asia

Europe

Americas

Rest of world


Worsened trade balance so far in 2012


432

-111

593

320

-77

-363

07FY 08FY 09FY 10FY 11FY 12/6MO

Chart 5.03 – Trade balance* decompositionBillion Baht

5,3025,851

5,1956,176

6,897

3,466

07FY 08FY 09FY 10FY 11FY 12/6MO

4,8705,962

4,6025,857

6,974

3,829

07FY 08FY 09FY 10FY 11FY 12/6MO

Export**

Import***─

Note: (*) Not equal to the one in Balance of Payment decomposition due to few adjustments(**) Excluding Electricity and aircraft export, adjustment for Balance of payment and exchange rate conversion

(***) Excluding Electricity and military import, adjustment for Balance of payment and exchange rate conversion


Slow growth in Export after 6 months in 2012

Chart 5.05a – YTD annual change in Export in BahtFirst 6 months of 2012 vs 2011, percent


0.577.7

39.535.4

19.317.9

14.010.710.5

7.56.65.64.84.8

0.2-0.5-0.8-1.2

-3.8-13.4-15.1-16.5

-20.1-22.4

-39.4

Total exportRe‐exportsPetroleum

MiningAutomotive

ForestryToiletries

Agro productsPhoto instruMachineryJewelleryAircraftsFishery

ChemicalsElectronics

MetalElectrical

Petro‐chemicalFurnitureApparels

Optical instruFootware

Other exportAgriculture

Other manufacturing

Chart 5.05b – Sectoral contributionsContributions to total export growth


0.52.0

1.71.3

0.50.30.20.20.10.10.10.10.10.00.0

0.00.00.0

-0.1-0.1-0.2

-0.5-0.7

-2.2-2.4

Total exportAutomotivePetroleum

Agro productsMachinery

MiningJewelleryChemicalsToiletries

Photo instruForestryAircraftsFishery

ElectronicsRe‐exports

MetalFurnitureElectrical

Petro‐chemicalFootware

Optical instruApparels

Other exportOther manufacturing

Agriculture31

Middle East, ASEAN and NAFTA are the best performing export markets so far this year

Chart 5.07a – Export by countryPercent of total export in Baht term


22.5 21.3 22.7 23.7

18.3 20.1 21.2 22.9

16.6 18.4 18.0 16.9

12.7 12.2 11.6 10.911.3 10.3 10.4 10.5

13.2 11.9 11.2 10.65.4 5.7 4.9 4.5

08FY 09FY 10FY 11FY

ASEAN

NAFTA

East Asiaex‐Japan

EU

Japan

Middle East

Rest of the world

100% = (Trillion)฿ 5.9 ฿ 5.2 ฿ 6.2 ฿ 6.9


10.9%

10.9%

6.4%

-1.3%

-1.7%

-7.4%

-10.5%

Middle East

ASEAN

NAFTA

Rest of the world

Japan

East Asia ex Japan

EU

Chart 5.07b – Change in ExportFirst 6 months of 2012 vs those of 2011

32

Capital goods has contributed most to import growth so far this year

Chart 5.09a – YTD annual change in Import in BahtFirst 6 months of 2012 vs 2011, percent


12.7

25.9

23.3

21.0

16.8

-0.3

Total import

Others

Capital goods

Intermediate ‐ Fuel

Consumer goods

Intermediate ‐ Non fuel

Chart 5.09b – Sectoral contributionsContributions to total import growth

12.7

5.1

3.9

2.6

1.2

-0.1

Total import

Capital goods


Others

Consumer goods

Intermediate ‐ Non fuel


Capital goods have gained its importance in overall import so far this year

Chart 5.08 – Import by economic classificationPercent of total import in Baht term


7.0 7.1 8.3 7.5 7.5 7.6

18.4 20.7 18.6 17.4 18.8 19.9

47.5 44.8 43.0 44.0 40.0 37.6

20.4 19.3 22.3 20.9 21.3 23.8

6.7 8.0 7.8 10.2 12.4 11.1

07FY 08FY 09FY 10FY 11FY 12/6MO

Others

Capital goods

Consumer goods

100% = (Trillion)฿ 4.9 ฿ 6.0 ฿ 4.6 ฿ 5.8 ฿ 7.0



Intermediate –Non‐Fuel

฿ 3.8

34

Executive summary

Growth

Income distribution

Stability





2013








35

Policy rate was held at 3.0% in July

Chart 3.01a – BOT’s policy rate

Source: Bank of Thailand

2.7%2.8%2.9%3.0%3.1%3.2%3.3%3.4%3.5%3.6%

Aug-11 Jul-12

Chart 3.01b – Inter bank overnight rate

2.7%2.8%2.9%3.0%3.1%3.2%3.3%3.4%3.5%3.6%

Jul-11 Jun-12

Chart 3.01c – Saving deposit rate

0.3%0.4%0.5%0.6%0.7%0.8%0.9%1.0%

Jul-11 Jun-12

Chart 3.01d – Commercial bank MLR

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

Jul-11 Jun-12

Max

Min Min

Max


Bank’s loan continued to increase as well as the L/D ratio

Chart 3.02b – Commercial Banks’ Loan/Deposit* ratioPercent


88.9%86.7% 87.5%

89.6% 88.7% 89.3% 89.8% 89.5% 89.5% 90.2% 91.7% 92.7%

75%

80%

85%

90%

95%

100%

Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12


Chart 3.02a – Commercial Banks’ LoanTHB billion

7,000

7,500

8,000

8,500

9,000


M‐o‐M1.2%

Y‐o‐Y14.6%

37

22% increase in fiscal expenditure in the first half of 2012 compared to the same period last year

Source: Bank of Thailand; CTE analysis www.ChartingThailandEconomy.com

Chart – Monthly cumulative Fiscal expenditure

Billion Baht

0

500

1000

1500

2000

2500

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

20112012

38

Executive summary

Growth

Income distribution

Stability





2013








39

Drops in business confidences in June

Source: Bank of Thailand, The Federation of Thai Industries

Chart 1.21a – Business Sentiment Index*

Note: (*) Below is the interpretation of the index:Index = 50 indicates that business sentiment remains stableIndex > 50 indicates that business sentiment has improvedIndex < 50 indicates that business sentiment has worsened

Chart 1.21b – Thai Industries Sentiment Index**


50.8 52.7 55.5

47.753.8 51.5

0

50

100


Better

Worse

99.6 100.9 102.1 104.0 106.0 102.7

0

100

200


Better

Worse

Note: (*) Below is the interpretation of the index:Index = 100 indicates that industries sentiment remains stableIndex > 100 indicates that industries sentiment has improvedIndex < 100 indicates that industries sentiment has worsened

40

Improving consumer confidence in June

Source: The Center for Economic and Business Forecasting, UTCC

Chart 1.20a – Consumer Confidence Index

Note: (*) The index ranges from 0 to 200100 means consumer confidence is equal to those of the prior monthOver 100 means consumer confidence is better than those of the prior monthUnder 100 means consumer confidence is worse than those of the prior month


0

100

200

Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12

Better

On future income

Worse

On job

Overall

41

Executive summary

Growth

Income distribution

Stability





2013








42

No change in GDP growth projection consensus

Chart 1.03a – Real GDP growth projectionsFor 2012, Annual percentage change

Source: NESDB, Fiscal Policy Office, Bank of Thailand, The Economist

Chart 1.03b – Real GDP growth projectionsFor 2013, Annual percentage change

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12

Forecast as of, month ending

BOTFPO

The Economist pollNESDB

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00


Forecast as of, month ending

BOT

The Economist poll


Thailand’s growth for 2012 is expected to be behind only China and India

Chart 1.04a – Real GDP growth projections2012, Annual % change, as of July 28th 2012


Chart 1.04b – Real GDP growth projections2013, Annual % change, as of July 28th 2012

8.57.4

4.76.5

5.43.3

3.93.2

4.24.0

4.84.6

1.52.1

4.20.4

8.26.6

6.05.9

4.44.2

3.83.3

3.13.0

2.82.6

2.32.12.0

-0.4

China

India

Thailand

Indonesia

Malaysia

Pakistan

Russia

Australia

Singapore

South Korea

Taiwan

Hong Kong

Japan

US

Brazil

Euro Area


Executive summary

Growth

Income distribution

Stability





2013








45

Unemployment dropped slightly in May

Chart 2.7 – Unemployment ratePercent

Source: National Statistical Office, Bank of Thailand

2.42.2 2.1

1.81.5 1.4 1.4 1.5

1.00.7

02-Avg 03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 11-Avg

0.420.52

0.68 0.75

0.56

0.82

0.43

0.810.66 0.73

0.97 0.92



Thailand’s unemployment rate is lowest comparing to other leading economies

Chart 2.8 – Unemployment rateLatest, percent


0.9

2.1

3.0

3.2

3.2

4.1

4.2

4.4

5.2

5.4

5.8

6.0

6.3

8.2

9.8

11.1

Thailand ‐ May

Singapore ‐ Q1

Malaysia ‐ May

South Korea ‐ Jun

Hong Kong ‐ Jun

China ‐ Q2

Taiwan ‐ Jun

Japan ‐ May

Australia ‐ Jun

Russia ‐ Jun

Brazil ‐ May

Pakistan ‐ 2011

Indonesia ‐ Q1

US ‐ Jun

India ‐ 2011

Euro Area ‐ May


Executive summary

Growth

Income distribution

Stability





2013








48

Slight improvement in Thailand’s income distribution since 2007

Chart 2.1 – Thailand’s GINI coefficient

Source: National Statistics Office, NESDB

0.520 0.513 0.507 0.522 0.507 0.4930.515 0.499 0.485

1994 1996 1998 2000 2002 2004 2006 2007 2009

Note: (*) The Gini coefficient is a measure of inequality of a distribution of income. It is defined as a ratio with values between 0 and 1

Here, 0 corresponds to perfect income equality (i.e. everyone has the same income) and 1 corresponds to perfect income inequality (i.e. one person has all the income, while everyone else has zero income).Therefore, the lower the ratio the better the income distribution.


Not much has changed for income (in)equality in Thailand

Chart 2.2 – Quintile by incomePercent of total income

Source: National Statistics Office, NESDB www.ChartingThailandEconomy.com

4.6 4.3 4.0 4.1 4.2 4.3 4.0 4.2 4.5 4.0 4.4 4.88.1 7.5 7.1 7.4 7.6 7.8 7.3 7.7 8.0 7.7 8.0 8.4

12.4 11.7 11.1 11.7 11.8 12.0 11.5 12.1 12.4 12.1 12.4 12.6

20.6 19.5 18.9 19.7 19.9 19.8 19.8 20.1 20.2 20.0 20.2 20.1

54.4 57.0 59.0 57.2 56.5 56.1 57.5 55.9 54.9 56.1 54.9 54.2

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2007 2009

Top 20%

Bottom 20%

Second 20%

Third 20%

Forth 20%

11.9Top 20% Bottom 20%

13.3 14.9 14.1 13.5 13.1 14.6 13.2 12.1 13.9 12.5 11.3

50

Data from World Bank suggests that income equality problem in Thailand is not as bad as in Malaysia or China

Chart 2.3 – Income equality in the worldRatio of the share of national income going to the richest 20% to the share of the poorest 20%Latest, selected countries

Source: The World Bank; CTE analysis

29.727.8

26.725.3

21.820.6

20.119.6

18.818.0

17.317.1

16.614.514.314.0

13.513.513.3

12.512.2

11.511.311.311.3

HondurasBolivia

ComorosSouth Africa

NamibiaBrazil

ColombiaGuatemalaSeychelles

Central African RepublicParaguayPanamaZambia

Costa RicaEl SalvadorSwaziland

ChilePeruQatar

EcuadorNigeria

Venezuela, RBMexico

MalaysiaDominican Republic


11.311.0

9.68.3

7.97.37.17.06.96.86.86.76.6

6.26.15.95.9

5.15.04.94.7

4.44.24.0

3.6

ArgentinaKenyaChina

PhilippinesTurkey

Russian FederationThailand

Iran, Islamic Rep.Sri LankaBhutan

MaldivesLithuaniaMalawi

MongoliaCambodiaLao PDRVietnam

IndonesiaNepalIndia

BangladeshEgypt, Arab Rep.

PakistanAfghanistan

Slovak Republic51

Executive summary

Growth

Income distribution

Stability





2013








52

Poverty reduction, according to figures from NESDB, seems to have been working over the past 7 years

Source: NESDB

1,3861,443

1,579 1,5861,678

2006 2007 2008 2009 2010

Chart 2.4a – Thailand Poverty LineBaht/ month/ person

Chart 2.4b – Number of poor peopleMillion

6.105.40 5.80

5.30 5.08

2006 2007 2008 2009 2010

Chart 2.4c – Poor people Percentage of total population

9.6%8.5% 9.0% 8.1% 7.8%

2006 2007 2008 2009 2010


Many countries in Asia and especially ASEAN, still have majority of their populations earning less than $2.00 a day

Chart 2.5 – Poverty in the world, selected countriesPoverty headcount ratio at $2 a day (PPP) (% of population), Latest

Source: The World Bank

95.292.6

84.577.676.5

72.868.7

66.060.2

57.353.3

46.143.4

41.531.3

29.829.829.1

21.415.8

Congo, Dem. Rep.

Madagascar

Nigeria

Ethiopia

Bangladesh

Timor‐Leste

India

Lao PDR

Pakistan

Nepal

Cambodia

Indonesia

Vietnam

Philippines

South Africa

China

Bhutan

Sri Lanka

Iraq

Colombia


15.412.912.7

10.88.0

5.24.6

4.22.72.31.91.70.40.40.30.20.10.10.10.1

Egypt, Arab Rep.

Venezuela, RB

Peru

Brazil

Iran, Islamic Rep.

Mexico

Thailand

Turkey

Chile

Malaysia

Argentina

Romania

Bulgaria

Hungary

Montenegro

Poland

Slovak Republic

Slovenia

Croatia

Russian Federation54

An average Thai is slightly poorer than an average Chinese but more than three times richer than an average Indian

Chart 2.6 – GNI per capita, selected countries2011, Atlas method (current US$)

Source: The World Bank

88,89080,440

78,13076,380

60,39053,230

49,73048,45048,42048,300

46,16045,56045,18043,98042,93042,420

40,76038,58037,780

35,33035,16035,020

30,99028,930

25,030

NorwayQatar

LuxembourgSwitzerland

DenmarkSweden

NetherlandsUnited States

FinlandAustriaBelgiumCanadaJapan

GermanySingapore

FranceUnited Arab Emirates

IrelandUnited Kingdom

ItalyHong Kong SAR, China

IcelandSpainIsrael

Greece

18,52012,730

10,72010,4109,740

9,2408,420

6,9606,110

4,9304,420

4,1403,1202,940

2,6402,6002,580

2,2102,070

1,4101,2001,2601,130

830770

Czech RepublicHungary

BrazilTurkey

ArgentinaMexico

MalaysiaSouth Africa

ColombiaChina

ThailandEcuadorUkraine

IndonesiaIraq

Egypt, Arab Rep.Sri Lanka

PhilippinesBhutanIndia

NigeriaVietnamLao PDR

CambodiaBangladesh

Rank (from 166)

12345678910111213141516171819202122232425

293646474951536569788385100103108109110113115122124127130139142

Rank


Increasing trend in household income, expenditure and debt, but debt service year has reduced from the recent peak in 2004

Source: National Statistic Office survey; CTE analysis

14,96317,787 18,660

20,90323,544

2004 2006 2007 2009 2011

Chart 2.9a – Monthly income per householdAverage, Baht

Chart 2.9c – Debt per householdAverage, Baht

104,571116,585 116,681

134,699 136,562

2004 2006 2007 2009 2011

Chart 2.9d – Debt service year*

3.32.8

2.3 2.42.0

2004 2006 2007 2009 2011

12,29714,311 14,500

16,20517,861

2004 2006 2007 2009 2011

Chart 2.9b – Monthly expenditure per householdAverage, Baht

Note: (*) Avg. debt / (annual income – annual expenditure)


Executive summary

Growth

Income distribution

Stability





2013








57

Core inflation is low and decreasing while headline inflation increased slightly driven mainly by Eggs & Milk

Source: Bureau of Trade and Economic Indices; CTE analysis

Chart 3.07a – Y‐o‐Y change in CPIPercent

Chart 3.07b – Y‐o‐Y change in CPI by productJuly 2012, percent

Note: (*) exclude raw food and energywww.ChartingThailandEconomy.com

3.4% 3.4%

2.5% 2.5% 2.6%2.8%2.8% 2.8%

2.1%1.9% 1.9% 1.8%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%


21.5

5.8

4.7

3.5

2.9

2.5

2.3

1.1

1.1

0.6

0.6

0.5

-0.1

-1.4

Eggs & milk

HH consumer food

Seasoning

Non HH consumer food

Non alcoholic beverage

Clothing

Rice

Tobacco & alcohol

Housing & furnishing

Recreation & Education

Veg & fruit

Transport & Commu

Medical care

Meat

Head line

Core*

58

Thailand’s inflation is rather on the lower side, compared to other countries

Chart 3.08 – Consumer Price IndexAnnual percentage change


11.3

10.0

5.3

4.9

4.5

4.3

3.7

2.8

2.4

2.2

2.2

1.8

1.7

1.6

1.2

0.2

Pakistan ‐ Jun

India ‐ Jun

Singapore ‐ Jun

Brazil ‐ Jun

Indonesia ‐ Jun

Russia ‐ Jun

Hong Kong ‐ Jun

Thailand ‐ Jul

Euro Area ‐ Jun

China ‐ Jun

South Korea ‐ Jun

Taiwan ‐ Jun

US ‐ Jun

Malaysia ‐ Jun

Australia ‐ Q2

Japan ‐ May

10.0

8.4

4.4

5.2

4.4

5.0

4.2

3.0

2.4

3.6

2.8

2.0

2.1

1.9

2.1

0.2

Latest 2012*

Note: (*) The Economist Pollwww.ChartingThailandEconomy.com

59

Stable prices in Producer level

Source: Bureau of Trade and Economic Indices; CTE analysis

Chart 3.09a – Y‐o‐Y change in PPIPercent

Chart 3.09b – Y‐o‐Y change in PPI by productJuly 2012, percent


1.8% 1.8%

0.8%

1.2%

-0.4%

0.7%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%


8.26.9

4.42.82.4

1.51.11.00.60.5

-0.2-0.4-0.6-1.0

-1.8-1.9-2.0

-5.6-9.6

-14.1

CropForestry

Other manu goodsFood

MechineryTextile

Transport equipPulp & paper

WoodLeather & footware

Electrical equipMetal

Basic metalsNon‐metallic mineral

ChemicalEnergy

Petroluem productsFishing

LivestocksRubber & plastic

60

Executive summary

Growth

Income distribution

Stability





2013








61

Banks’ capital ratio dropped in May


15.4% 15.4%

15.8% 15.7%

15.3% 15.3%15.1% 15.2%

15.4%

15.2%15.3%

15.1%

14.6%14.8%15.0%15.2%15.4%15.6%15.8%16.0%



Chart 3.04 – Capital ratio of all commercial banks% of risk assets

13.7% 14.0% 13.0% 14.2% 14.5% 15.4% 14.1%16.1% 16.2% 15.1%

0.0%

5.0%

10.0%

15.0%

20.0%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

62

Gross NPL decreased in 2Q12

Chart 3.03a – Total Financial Institutions’ Gross NPLs OutstandingBillion Baht


592477 445 458

401 380317

269 274 266

04YE 05YE 06YE 07YE 08YE 09YE 10YE 11YE 2012/Q1 2012/Q2 2012/Q3

10.73%

8.16% 7.47% 7.31%5.29% 4.85%

3.60% 2.74% 2.68% 2.55%

04YE 05YE 06YE 07YE 08YE 09YE 10YE 11YE 2012/Q1 2012/Q2 2012/Q3

Chart 3.03b – Total Financial Institutions’ Gross NPLs OutstandingPercentage of Total Loans


Another profitable month for the Thai stock market

Chart 3.06b – Change since Dec 31st 2011Percent, as of July 25th 2012

Source: SET, The Economist; CTE analysis

28.3%15.9%

13.0%9.9%

9.0%8.3%

6.8%6.4%

4.7%3.3%

2.7%2.4%

1.0%-1.1%-1.3%-1.3%

-2.5%-2.9%-3.1%

-4.5%

Pakistan (KSE)

Thailand (SET)

Singapore (STI)

US (NAScomp)

India (BSE)

Germany (DAX)

Malaysia (KLSE)

US (S&P 500)

Indonesia (JSX)

US (DJIA)

China (SSEB, $ terms)

HK (Hang Seng)

Australia (All Ord.)

Japan (Nikkei 225)

Taiwan (TWI)

UK (FTSE 100)

France (CAC 40)

China (SSEA)

S Korea (KOSPI)

Euro Area (FTSE Euro 100)


Chart 3.06a – Monthly performance of SET indexPercent change from prior month, at month end

7.1%

3.1%2.7%

-7.1%

2.7% 2.3%


64

Executive summary

Growth

Income distribution

Stability





2013








65

Improvement in budget deficit in June, but still 174 billion worse off than the same period last year

Chart 4.2 – Government budget balanceBillion Baht


8771,013 1,109

1,2411,390 1,455 1,498 1,484

1,7511,902

-956 -996-1,109

-1,277 -1,280

-1,629 -1,598-1,849 -1,825 -1,930

-79 16 0 -36110

-174 -100-364

-75 -28

02FY 03FY 04FY 05FY 06FY 07FY 08FY 09FY 10FY 11FY


Revenue

Expenditure

Budgetbalance

-400.0

-350.0

-300.0

-250.0

-200.0

-150.0

-100.0

-50.0

0.0

50.0

100.0


Monthly cumulative Budget balance

2011

2012

66

Apart from 2010, there were not much differences between budget and cash balance

Chart 4.3 – Government cash balanceBillion Baht


-79

16 0

-36

110

-174

-100

-364

-75-28

-148

-77

24 8

-45

88

-144

-96

-401

-266

-96

-179

02FY 03FY 04FY 05FY 06FY 07FY 08FY 09FY 10FY 11FY '12/6mo


Budget cash balanceOverall Cash balance (including non-budgetary deficit/ surplus)

67

With a few exceptions, most governments in the world will register huge budget deficit in 2012

Chart 4.4 – Government Budget balance as percentage of GDP2012*, percent


1.9

1.0

0.1

-0.7

-0.8

-2.2

-2.3

-2.3

-2.8

-3.4

-3.5

-5.2

-5.5

-6.1

-7.6

-9.3

South Korea

Hong Kong

Singapore

Australia

Russia

Indonesia

China

Thailand

Brazil

Taiwan

Euro Area

Malaysia

India

Pakistan

US

Japan

Note: (*) The Economist Poll www.ChartingThailandEconomy.com

68

Public debt increased in absolute and relative to GDP this year, due mainly to direct government debt

Source: Public Debt Management Office

Chart 4.5a – Composition of Public debt THB Trillion


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2008 2009 2010 2011 May-12

Chart 4.5b – Composition of Public debt As percentage of nominal GDP

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2008 2009 2010 2011 May-12

Direct Government debtDirect Government debt

Bond to Compensate FIDF's Loss & Prefunding debt

Bond to Compensate FIDF's Loss & Prefunding debt

Public debt from State Enterprises

Public debt from State Enterprises

12% 10% 8% 8% 7%External debtas percent of total

69

Thailand’s public debt is not high compared to international standard

Chart 4.6 – Public debt in the worldPercentage of GDP, 2011 or latest

Source: CIA fact book www.ChartingThailandEconomy.com

231208

165137

130120118

107103

10086868483828079

7574726968

646160

1 Zimbabwe2 Japan

4 Greece5 Lebanon6 Iceland

9 Italy10 Singapore

11 Ireland13 Portugal15 Belgium

17 Egypt18 France20 Canada21 Hungary22 Germany

23 UK24 Bhutan28 Bahrain29 Israel

30 Austria32 United States

33 Spain38 Netherlands

40 Jordan42 Pakistan

57545452524948

4444434241383737363534333025121099

44 Vietnam47 Brazil

48 Malaysia49 Switzerland

51 India53 Philippines

56 Norway67 UAE

69 China72 Argentina

73 Turkey78 Thailand82 Mexico86 Sweden

87 Bangladesh91 South Africa

93 Taiwan95 New Zealand96 Korea, South

100 Australia108 Indonesia

121 Iran122 Hong Kong

123 Saudi Arabia126 Russia

Int’l rule of thumb<60% of GDP

70

Executive summary

Growth

Income distribution

Stability





2013








71

Balance of Payment deficit so far in 2012 due largely to deteriorating Trade Balance


586

812 825

987

35

-19

07FY 08FY 09FY 10FY 11FY 12/6mo

Chart 5.01 – Balance of Payment decompositionBillion Baht 917

576

1,1201,015

714

84

07FY 08FY 09FY 10FY 11FY 12/6mo

-377-508

-366

-587

-351 -142

07FY 08FY 09FY 10FY 11FY 12/6mo

47

744

70

559

-328

39

07FY 08FY 09FY 10FY 11FY 12/6mo

Trade Balance (F.O.B)

Net service income & transfer

Net Capital Movement + errors and omissions

+


Strong Asian export engines reflecting in huge current account surplus

Chart 5.02 – Current Account balance


17.9%

9.4%

7.3%

7.0%

4.5%

2.3%

1.7%

1.5%

0.0%

-0.5%

-1.4%

-2.8%

-3.2%

-3.2%

-3.5%

-3.7%

Singapore ‐ Q1

Malaysia ‐ Q1

Taiwan ‐ Q1

Hong Kong ‐ Q1

Russia ‐ Q2

China ‐ Q1

South Korea ‐ May

Japan ‐ May

Euro Area ‐ May

Thailand ‐ Q1

Indonesia ‐ Q1

Brazil ‐ Jun

US ‐ Q1

Pakistan ‐ Q2

Australia ‐ Q1

India ‐ Q1

53.2

29.7

41.9

8.3

104.6

196.4

28.3

90.7

41.8

6.5

-3.8

-51.8

-483.2

-4.5

-38.9

-78.2

Last 12 months, USD BillionAs % of 2012 GDP*

Note: (*) The Economist Pollwww.ChartingThailandEconomy.com

73

External debt level increased in both absolute and relative to GDP terms

Chart 5.10a – External Debt LevelBillion USD


0

40

80

120

160

03YE 04YE 05YE 06YE 07YE 08YE 09YE 10YE 11YE 12/1Q

40.3% 40.9% 37.0% 38.5% 35.4% 31.4% 28.8%35.2% 34.2% 37.4%

03YE 04YE 05YE 06YE 07YE 08YE 09YE 10YE 11YE 12/1Q

Chart 5.10b – External Debt as % of GDP


More public debt and more short‐term debt in external debt composition so far in 2012


96% 92% 87% 85% 83%

4% 8% 13% 15% 17%

08YE 09YE 10YE 11YE 12/1Q

Chart 5.11a – External debt breakdown Private vs Public

Chart 5.11b – External debt breakdownLong‐Term vs Short‐Term

Private Public = General Government and Monetary Authorities

56% 56%50% 54% 50%

44% 44%50% 46% 50%

08YE 09YE 10YE 11YE 12/1Q

Long termShort term


Capability to repay external debt is not yet a concern as debt service ratio continued to decline and reserves at healthy level


257%

330%

418%

340%360%

300%

07YE 08YE 09YE 10YE 11YE 12/1Q

Chart 5.12a – International reserves As % of ST external debt

Chart 5.12b – Debt service ratio*Percent

Note: (*) Debt service payment / Export of goods and services

10.3%

7.7%7.3%

3.7% 3.7% 3.9%

07FY 08FY 09FY 10FY 11FY 12/1Q


International reserves decreased slightly this year but the current level is still considered excessive

Chart 5.13a – International reserves levelBillion USD


42.1 49.8 52.167.0

87.5111.0

138.4

172.1 175.1 174.7

03YE 04YE 05YE 06YE 07YE 08YE 09YE 10YE 11YE Jun-12

6.7 6.45.3 6.2

7.5 7.4

12.411.3

9.2 8.7

03YE 04YE 05YE 06YE 07YE 08YE 09YE 10YE 11YE Jun-12

Chart 5.13b – International reserves as number of months of import*

Note: (*) For the last period using average monthly import value during the last 12 months


Slight depreciation of THB in July


98.098.599.099.5100.0100.5101.0101.5102.0102.5103.0

Aug-11 Jul-12

Chart 5.17a – Nominal Effective Exchange Rate 2007=100

Chart 5.17b – Y‐o‐Y change in FX rate*Percentage change, as of July 31st 2012

7.1

7.1

6.1

5.5

2.6

2.0

1.9

1.6

0.0

-0.2

-1.8

-3.4

-6.3

-9.0

-16.8

CNY ‐ 5.0388

PHP ‐ 0.766

USD ‐ 31.7196

JPY ‐ 40.7956

SGD ‐ 25.594

GBP ‐ 49.9919

TWD ‐ 1.0568

AUD ‐ 33.4926

VND ‐ 0.0015

MYR ‐ 10.1984

KRW ‐ 0.0279

IDR ‐ 3.6599

MXN ‐ 2.3908

EUR ‐ 39.0415

INR ‐ 0.6034

Note: (*) Positive numbers mean the Baht has been depreciated against those currencies, the opposite applies to negative numbers

USD = US$, GBP = Pound Sterling, EUR = Euro, JPY = Yen (per 100), CNY = Yuan Renminbi, SGD = Singapore $, MYR = Malaysia Ringgit, PHP = Philippines Peso, IDR = Indonesia Rupiah (per 1,000), INR = India Rupee,KRW = Korea Won, TWD = Taiwan $, VND = Vietnam Dong, MXN = Mexico Peso, AUD = Australia $

Baht appreciates Baht depreciates


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Monthly Brief on Thailand's economy