1

75

80

85

90

95

100

105

110

Jan2015

Jul Jan2016

Jul Jan2017

Source: Compiled from Customs Department’s data P = Preliminary data

Apr 2017 = 16.5 Bn USDEx. Gold = 16.2 Bn USD

Mar 2017 = 20.8 Bn USDEx. Gold = 20.3 Bn USD

Note: Data above are recorded by custom basis, except total export value which is recorded by BOP basis. Custom basis considers recording as goods pass through Customs, while BOP basis considers changes in ownership between residents and non-residents.

Thai Export to Major Destinations

60

70

80

90

100

110

120

130

Jan2015

Jul Jan2016

Jul Jan2017

US

%YoYShare 2016P 2016P

2016P 2017P

H1 Q3 Q4 Q1 Mar Apr%MoM

saAgriculture 7.0 -6.3 -9.7 -11.9 6.2 20.7 24.1 15.5 -3.3

Fishery 1.0 15.2 11.0 22.6 16.2 2.1 6.6 2.8 1.3

Manufacturing 87.2 -1.3 -4.3 0.9 2.6 5.9 9.5 7.0 -2.9

Agro-manufacturing Products 12.0 0.5 -0.3 0.6 1.9 8.3 8.7 11.9 1.7Electronics and OpticalAppliances

16.0 -2.3 -5.8 1.2 0.5 10.8 19.7 3.9 -5.8

Electrical Appliances 5.8 3.6 1.3 8.5 3.4 9.6 13.4 -1.5 -3.0

Automotive 15.5 3.0 2.1 5.7 1.9 2.6 5.3 -1.1 -6.1

Machinery & Equipment 8.9 -0.0 -4.9 2.2 7.5 3.6 7.6 3.6 -10.6

Petroleum Related 10.7 -12.3 -19.4 -12.0 3.1 18.2 23.5 15.1 -2.3

Total 100.0 0.0 -2.0 0.4 3.6 6.6 10.8 5.9 -4.7

Ex. Gold - -1.6 -4.7 -0.1 3.1 9.0 12.1 5.5 -4.3

Ex. Gold+Petroleum related - -0.1 -2.6 1.6 3.1 8.0 10.8 4.3 -4.5

Asian Export Performance

Index sa, 3mma (Jan 2015=100)Ex.gold

Index sa, 3mma (Jan 2015=100)

EU

Japan*

China

ASEAN5

ME

TH ex.GoldTW

ID ex.Oil & Gas

SG

MY

CN

KR

* ex. Aircraft and other manufacturing

Export Value

2

Index sa(Jan 2014 = 100)

70

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Industrial Electricity Consumption*Quantity of Imported Raw MaterialsIndex of Work Hours in Manufacturing (3mma)

Sources: NSO, OIE, Customs Department and seasonally adjusted by BOT

Manufacturing Production Index (MPI)

Note: the new MPI series as adjusted by the OIE (coverage and base year at 2011)P = Preliminary data

Note: Calculated and Classified by the BOT

MPI Classified by Export Share

Index sa(Jan 2014 = 100)

Other Indicators of Manufacturing Production

* The latest month was estimated by the BOT

(%YoY)Share2011 2016P

2016 2017

H1 Q3 Q4 Q1 Mar AprP %MoMsa

Food & Beverages 19.3 2.0 1.9 2.4 2.1 1.7 1.7 -0.3 -2.4Automotive 16.9 0.4 5.3 -4.6 -4.2 -6.0 -9.1 -9.0 3.7- Vehicle 10.2 1.9 6.6 -1.6 -3.4 -5.7 -10.5 -12.1 5.0- Engine 6.6 -2.8 2.7 -11.2 -5.8 -6.4 -6.3 -2.3 1.2

Rubbers & Plastics 10.6 0.6 4.5 -3.8 -2.8 -2.4 0.8 -0.7 1.2IC & Semiconductors 8.0 6.1 2.5 7.2 12.1 14.5 1.5 10.3 2.6Textiles & Apparels 5.9 -7.0 -8.8 -6.4 -4.1 -3.6 0.4 -5.6 -2.6Chemicals 5.8 -0.2 -0.1 0.1 -1.0 0.5 -1.6 -4.1 0.3

Cement & Construction 5.0 0.3 -1.2 2.2 1.5 -0.9 -1.6 3.4 0.8

Electrical Appliances 4.4 14.9 14.6 24.8 6.3 -2.8 2.2 0.3 0.3Petroleum 3.3 2.4 -0.1 3.7 6.1 -0.2 7.4 0.6 -0.4HDD 1.2 -7.6 -16.0 1.3 1.2 10.0 32.7 4.8 -9.9Others 19.7 1.3 -0.5 0.9 5.5 3.3 4.5 -3.1 -5.7MPI 100.0 1.6 1.9 0.9 1.6 0.3 0.0 -1.7 -MPIsa %D from lastperiod

100.0 - - -0.6 1.4 -0.7 1.2 - -0.8

Capacity Utilization (SA) - - 60.3 59.1 60.2 59.8 60.1 60.1 -

70

85

100

115

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Export<30%30%<Export<60%Export>60%

3

Sources: Department of Tourism, Bank of Thailand P = Preliminary Note: ( ) denotes share in total tourist arrivals in 2016

0

50

100

150

200

250

300

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

TotalChina (share 27%)Malaysia (share 11%)Asia ex. CN MY (share 29%)Europe ex. Russia (share 16%)Russia (share 3%)

Index sa (Jan 2014 = 100) Tourists Classified by Nations

20162016 2017

H1 Q3 Q4 Q1 Mar Apr

No. of tourists (’000) 32,588 16,592 8,228 7,768 9,194 3,008 2,828

%YoY 8.9 12.0 13.1 -0.9 1.7 2.0 7.0

%QoQsa, %MoMsa - - 0.7 -11.4 12.8 4.7 0.9

4

Sources: The Nielsen Company, Revenue Department, Department of Tourism, Ministry of Energy, NSO, OAE P = Preliminary E = Estimated

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Semi-durable Index sa,3mmaDurable Index sa, 3mmaDurable Index sa

Jan 2014 = 100

Private Consumption Indicators

%YoY 20162016 2017

%MoMsa

H1 Q3 Q4 Q1 Mar AprP AprP

Non-durable index 2.1 3.1 2.0 0.3 -0.8 0.3 -0.9 0.0

Semi-durable index 1.7 1.4 2.0 2.0 0.3 2.6 -2.0 -1.3

Durable index -1.2 -2.4 5.6 -4.5 11.1 12.5 11.9 -2.3

Service index 7.3 7.4 9.0 5.2 5.2 4.0 8.5E 1.0E

(less) Net tourist spending 11.0 14.2 15.2 0.6 3.7 3.9 10.2 4.1

PCI 3.4 3.2 4.2 2.8 2.6 2.8 3.6 -0.3

* Comprises of the VAT on hotel and restaurant sector and the sale of transportation sector

Nielsen’s FMCG Index & Fuel Index

Durable and Semi-durable Indices

Jan 2014 = 100 Jan 2014 = 100

60

80

100

120

140

160

80

90

100

110

120

130

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Service index sa, 3mmaNon-resident spending index sa, 3mma (RHS)

Jan 2014 = 100Jan 2014 = 100Service Index* & Net Non-resident Spending Index

90

100

110

120

130

85

90

95

100

105

110

115

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Nielsen’s FMCG index sa, 3mmaFuel Index, saFuel index sa, 3mma (RHS)

5

25303540455055

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Real IncomeIndexJan 2014 = 100

P = Preliminary Data

Farm Income

(%YoY) 2015 20162016 2017

H1 Q3 Q4 Q1 Mar Apr

Nominal farm

incomeP-10.0 1.4 -7.1 11.5 6.1 19.7 29.2 30.9

Agricultural

productionP-4.4 -2.1 -6.8 0.0 2.4 6.7 19.5 27.4

Agricultural

price-5.9 3.6 -0.3 11.5 3.6 12.1 8.1 2.8

70

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Farm Income saFarm Income sa, 3mmaAverage Non-Farm Income sa, 3mma

Sources: MOC, NSO, OAE, calculated by BOT

Consumer Confidence IndexDiffusion Index, sa(Unchanged = 50)

Agriculture = 35.9 Non-Agriculture = 36.9Apr 17Average 5 years = 37.9

6

4,000

4,500

5,000

5,500

6,000

6,500

7,000

80

85

90

95

100

105

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Construction Materials IndexPermitted Construction Area (RHS)

Sources: Bank of Thailand, ThaiBMA, SET, Business Sentiment Survey by BOT, NSO, OIE, calculated by BOT E = Estimated data

Investment in Machinery and Equipment Investment in Construction 1,000 m2

9mmaIndex sa, 3mma(Jan 2014=100)

Index sa , 3mma(Jan 2014 = 100)

60

80

100

120

140

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Real Imports of Capital GoodsDomestic Machinery SalesCar Sales for Investment

% YoY 20162016 2017 %MoM

sa

H1 Q3 Q4 Q1 Mar AprP AprP

Permitted Construction Area (9mma) -8.7 -7.5 -10.7 -9.3 -7.0 -6.2 -2.4 -1.0

Construction Materials Index -2.0 -1.0 -5.0 -0.9 -2.5 -4.1 -7.5 -0.7

Real Imports of Capital Goods -1.7 -1.0 -1.9 -2.8 -1.3 4.4 -3.5 0.6

Real Domestic Machinery Sales 4.6 6.0 3.6 2.9 0.3 8.8 4.6 -0.3

Car Sales for Investment -3.2 3.4 -0.8 -14.4 11.1 11.6 12.8 1.4

PII 0.8 -0.7 -1.1 -0.7 -0.7 -0.2 -0.1

Capacity Utilization (SA) 60.0 60.3 59.1 60.2 59.8 60.1 60.1 -

Private Investment Indicators

Note: Business credits and debt refer to change in outstanding (par); equity refers to new issuance at par value.

-120-80-40

04080

120160

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Debt Equity Business credits (SA) 3MMA

Sources of Corporate Financing Bn baht

7

Sources: Comptroller General’s Department, Fiscal Policy Office

Fiscal PositionBillion Baht FY2016P

FY2016P FY2017P

Q3 Q4 Q1 Q2 Mar AprP

Revenue1/ 2,412 749 603 549 484 175 177(%YoY) (9.3) (13.6) (5.3) (-6.0) (1.7) (-3.9) (5.4)Expenditure2/ 2,736 650 551 925 636 224 217(%YoY) (9.0) (18.2) (-1.7) (6.0) (-4.0) (-13.8) (-2.9)Budgetary B/L -324 99 52 -376 -152 -48 -40Non-Budgetary B/L -58 -23 31 5 -26 22 2Cash B/L (CG) -382 76 83 -372 -178 -27 -38Net Financing 397 -44 123 5 245 60 68Treasury B/L 441 235 441 75 142 142 171

Billion bahtCentral Government Current Expenditure

(Ex. Subsidies/Grants and Other)

Central Government Capital Expenditure(Ex. Subsidies/Grants and Other)Billion baht

Note: P = Preliminary data 1/ Cash basis 2/ Includes cash payments for operating and purchase of non-financial assets,

except loan repayments

Fiscal Position

60

80

100

120

140

160

180

Oct Dec Feb Apr Jun Aug

avg. FY2014-16 FY2016 FY2017

0

10

20

30

40

50

60

70

Oct Dec Feb Apr Jun Aug

avg. FY2014-16 FY2016 FY2017

8

Apr 2017 = 15.1 Bn USDEx. Gold = 14.7 Bn USD

Mar 2017 = 17.8 Bn USDEx. Gold = 17.1 Bn USD

Import Value IndexIndex sa, 3mma (Jan 2015 = 100)

* Regrouping to include vehicle parts, which appear in “others” in the accompanying table.

40

60

80

100

120

Jan2015

Jul Jan2016

Jul Jan2017

Total imports Consumer goodsRaw materials ex. fuel* FuelCapital goods

80

90

100

110

Jan2015

Jul Jan2016

Jul Jan2017

Value Quantity Price

Index sa, 3mma (Jan 2015 = 100)

%YoYShare 2016P 2016P

2016P 2017P

H1 Q3 Q4 Q1 Mar Apr%MoM

sa

Consumer 10.9 5.8 4.1 8.0 7.1 1.2 1.9 0.9 0.4

Raw material&Intermediate 52.7 -7.6 -16.0 -4.7 9.2 21.2 28.6 16.5 -6.0

o/w Fuel 12.1 -20.9 -34.7 -16.6 11.7 52.7 68.1 34.4 -21.0

o/w Raw mat&Interm ex. Fuel 40.6 -2.7 -8.6 -0.5 8.4 13.3 18.4 11.8 -0.2

Capital 26.6 -2.5 -5.7 2.2 -1.1 7.2 8.7 12.1 -3.0

Others 9.8 3.0 -2.0 0.6 13.1 19.1 20.7 13.7 -15.0

Total 100.0 -4.7 -11.3 -2.4 6.7 15.9 22.4 10.1 -7.9

Ex. Gold - -4.3 -10.6 -1.5 6.5 12.9 21.4 8.8 -6.1

Ex. Gold&Fuel - -1.0 -5.4 1.4 5.6 7.6 14.9 5.1 -3.1

Note: Data above are recorded by custom basis, except total import value which is recorded by BOP basis. Custom basis considers recording as goods pass through Customs, while BOP basis considers changes in ownership between residents and non-residents.

Source: Compiled from Customs Department’s data P = Preliminary data

Import Value

9

% 20162016 2017

H1 Q3 Q4 Q1 Mar Apr

Unemployment rate (sa)

1.0 1.0 0.9(1.0)

1.0(1.1)

1.2(1.1)

1.3(1.2)

1.2(1.2)

Employed persons (%YoY)

-0.9 -0.4 -0.2 -2.5 -0.6 -0.4 -0.4

Underemployment rate

0.7 0.8 0.6 0.6 0.9 0.8 1.0

Labor Market Indicators EmploymentThousand persons

sa, 3mmaThousand persons

sa, 3mma

10,000

11,000

12,000

13,000

14,000

23,000

24,000

25,000

26,000

27,000

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Non-Agriculture (sa, 3mma) Non-Agriculture (sa)Agriculture (sa, 3mma) (RHS)Agriculture (sa) (RHS)

Source: Labor Force Survey (NSO), calculated by BOT

Sources: NSO and Ministry of Commerce calculated by BOT

Core inflation contributionHeadline inflation contribution%YoY %YoY

0

1

2

3

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Rent (19.62%)Food & Beverage (28.17%)Non-Food & Beverage ex. Rent (52.21%)

-2

-1

0

1

2

3

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Raw food (15.69%)

Energy (11.75%)

Core (72.56%)Apr

0.38%

Apr0.50%

10

Balance of Payments

Source: Bank of Thailand P = Preliminary data E = Estimated data

Billion USD 2015P 2016P2016P 2017P

H1 Q3 Q4 Q1 Mar AprE YTD

Trade Balance 26.8 35.8 20.1 9.0 6.6 8.8 2.9 1.5 10.3Exports (f.o.b.) 214.1 214.1 104.6 54.9 54.6 56.2 20.8 16.5 72.8

%YoY -5.6 0.0 -2.0 0.4 3.6 6.6 10.8 5.9 6.4Imports (f.o.b.) 187.2 178.4 84.5 45.9 48.0 47.4 17.8 15.1 62.5

%YoY -10.6 -4.7 -11.3 -2.4 6.7 15.9 22.4 10.1 14.5Net Services, Income & Transfers 5.3 11.1 6.1 1.9 3.1 4.5 -0.3 1.5 6.0Current Account 32.1 46.8 26.2 10.9 9.7 13.3 2.6 2.9 16.2Capital and Financial Account -17.1 -25.7 -3.4 -10.5 -11.9 -4.4 -7.0 0.2 -4.2Overall Balance 5.9 12.8 17.7 0.8 -5.6 8.2 -3.2 1.8 10.0

11

Net Financial FlowsMillions of USD 2015P 2016P 2016P 2017P

H1 Q3 Q4 Q1 Mar AprE YTD1. Assets -5,357 -22,752 -8,731 -8,216 -5,805 -9,013 -7,078 -230 -9,242TDI -4,991 -14,228 -8,263 -2,929 -3,037 -2,426 -1,567 -519 -2,945

- Equity -6,063 -9,706 -5,737 -2,213 -1,757 -1,274 -234 -311 -1,585Thai Portfolio investment -3,817 -4,361 482 -2,784 -2,059 -4,265 -2,628 -776 -5,040

- Equity security investment -3,398 -1,869 -82 -1,319 -468 -1,754 -1,012 -492 -2,246- Debt security investment -419 -2,492 564 -1,465 -1,592 -2,511 -1,615 -284 -2,795

Loans -3,063 1,369 1,030 -124 463 -753 -684 40 -713Other Investments 6,514 -5,532 -1,981 -2,380 -1,172 -1,569 -2,199 1,025 -544

- Trade credits -1,547 -1,250 859 -2,170 60 -1,020 -1,081 739 -2812. Liabilities -11,745 -2,983 5,369 -2,235 -6,117 4,651 74 433 5,084FDI 9,004 2,553 3,717 -3,929 2,765 3,297 887 521 3,818

- Equity 5,742 1,347 -1,378 542 2,183 1,519 178 152 1,671Foreign Portfolio investment -12,691 1,473 2,171 5,373 -6,071 1,853 -30 117 1,970

- Equity security investment -8,969 -786 -332 3,223 -3,676 262 170 126 388- Debt security investment -3,722 2,260 2,503 2,151 -2,394 1,590 -200 -8 1,582

Loans -2,148 -0 1,965 -1,357 -609 663 -647 240 903Other Investments -5,909 -7,010 -2,485 -2,322 -2,203 -1,161 -136 -446 -1,607

- Trade credits -390 -2,068 -434 -1,077 -556 -173 165 -201 -374Total Financial Flows (1+2) -17,102 -25,735 -3,362 -10,451 -11,923 -4,361 -7,004 203 -4,158

Source: Bank of Thailand P = Preliminary data E = Estimated data

12

-4%

-2%

0%

2%

4%

6%

JPY EUR GBP KRW THB CNY IDR SGD TWD PHP INR MYR

28 Apr 2017 compared to end of Mar 201724 May 2017 compared to end of Apr 2017

Sources: Bank of Thailand, Reuters and BloombergSources: Bank of Thailand, Reuters and Bloomberg

Exchange Rate Movement

(Positive values denote currency appreciation compared to USD)

% p.a.

0%

2%

4%

6%

8%

10%

30-D

ec-1

522

-Jan-

1612

-Feb

-16

7-M

ar-1

628

-Mar

-16

22-A

pr-1

618

-May

-16

9-Ju

n-16

30-Ju

n-16

26-Ju

l-16

17-A

ug-1

67-

Sep-

1628

-Sep

-16

19-O

ct-1

610

-Nov

-16

1-De

c-16

26-D

ec-1

618

-Jan-

178-

Feb-

172-

Mar

-17

23-M

ar-1

718

-Apr

-17

11-M

ay-1

7

Latest data 24 May 2017

Exchange Rate Volatility (vis-à-vis USD)

Index (Jan 2014 = 100)

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

NEER REER USDTHB

May 2017(Average data until 24 May)THB Appreciation

0

1

2

3

4

5

6

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2016

Q120

16Q2

2016

Q320

16Q4

2017

Q1M

ar-1

7Ap

r-17

Apr 20173.5

Reserves/Short-term DebtTimes