August exports came in weak at US$17.67bn versus US$18.1bn recorded for July. This means a contraction of 6.69% YoY, well below consensus and a clear disappointment. Agricultural exports fell 8% YoY largely due to a drop in rice (largely from quantity) and food exports. Rubber exports grew 22%YoY due to an increase in export volume but price remains weak.
Manufacturing exports also fell 3.2% YoY with passenger car exports supporting exports of automobiles and parts while waiting for the model change to lift exports of pickup trucks. Excluding volatile oil products and gold exports, overall exports still contracted 6.8%. Electronic exports were also weak, falling 5.4%YoY. The only positive "spin" is that Thailand's exports are able to maintain their market shares in key export destinations.