1

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

Feb 2017 = 18.4 Bn USDEx. Gold = 17.7 Bn USD

Jan 2017 = 17.1 Bn USDEx. Gold = 16.5 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

70

80

90

100

110

120

Jan2015

Jul Jan2016

Jul Jan2017

USEU**

Japan*

* ex. Aircraft and other manufacturing ** ex. Aircraft and Metal and Steel

%YoYShare 2016P 2016P

2016P 2017P

H1 H2 Q3 Q4 Jan Feb%MoM

sa

Agriculture 7.0 -6.3 -9.7 -2.8 -11.9 6.2 11.4 26.6 9.2Fishery 1.0 15.2 11.0 19.2 22.6 16.2 -7.4 6.6 8.1Manufacturing 87.2 -1.3 -4.3 1.7 0.9 2.6 6.0 1.9 3.0

Agro-manufacturing Products 12.0 0.5 -0.3 1.3 0.6 1.9 6.1 9.8 5.8Electronics and OpticalAppliances 16.0 -2.3 -5.8 0.9 1.2 0.5 2.0 11.0 2.5

Electrical Appliances 5.8 3.6 1.3 6.0 8.5 3.4 3.4 11.0 7.1Automotive 15.5 3.0 2.1 3.9 5.7 1.9 3.7 -1.3 -3.8Machinery & Equipment 8.9 -0.0 -4.9 4.9 2.2 7.5 -1.0 3.4 1.9Petroleum Related 10.7 -12.3 -19.4 -4.8 -12.0 3.1 21.2 9.9 -2.9

Total 100.0 0.0 -2.0 2.0 0.4 3.6 8.5 0.7 3.6Ex. Gold - -1.6 -4.7 1.5 -0.1 3.1 6.2 8.4 3.5Ex. Gold+Petroleum related - -0.1 -2.6 2.3 1.6 3.1 4.4 8.2 4.4

China

ASEAN5

ME

75

80

85

90

95

100

105

110

Jan2015

Jul Jan2016

Jul Jan2017

TH ex.GoldTW

Asian Export Performance

ID ex. Oil & Gas

SG

MY

CN

KR

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

Index sa, 3mma (Jan 2015=100)

2

Index sa(Jan 2014 = 100)

70

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

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

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

Manufacturing Production Index (MPI) MPI Classified by Export Share

Index sa(Jan 2014 = 100)

Other Indicators of Manufacturing Production

(%YoY)Share2011 2016P

2016 2017

H1 H2 Q3 Q4 Jan FebP %MoMsa

Food & Beverages 19.3 2.0 1.9 2.2 2.4 2.1 1.2 2.3 2.8Automotive 16.9 0.4 5.3 -4.4 -4.6 -4.2 0.6 -9.0 -2.3- Vehicle 10.2 1.9 6.6 -2.5 -1.6 -3.4 3.3 -9.3 -2.4- Engine 6.6 -2.8 2.7 -8.4 -11.2 -5.8 -4.4 -8.2 -2.0

Rubbers & Plastics 10.6 0.6 4.5 -3.3 -3.8 -2.8 -1.3 -7.0 -1.2IC & Semiconductors 8.0 6.1 2.5 9.6 7.2 12.1 29.8 15.1 -2.9Textiles & Apparels 5.9 -7.0 -8.8 -5.3 -6.4 -4.1 -6.9 -3.9 0.8Chemicals 5.8 -0.2 -0.1 -0.4 0.1 -1.0 4.5 -0.8 0.2

Cement & Construction 5.0 0.3 -1.2 1.9 2.2 1.5 -0.4 -0.8 1.1

Electrical Appliances 4.4 14.9 14.6 15.4 24.8 6.3 -5.4 -10.2 -1.8Petroleum 3.3 2.4 -0.1 4.9 3.7 6.1 0.4 -9.2 -11.2HDD 1.2 -7.6 -16.0 1.3 1.3 1.2 -3.1 3.1 2.7Others 19.7 1.3 -0.5 3.2 0.9 5.5 1.5 3.3 2.4MPI 100.0 1.6 1.9 1.3 0.9 1.6 2.2 -1.5 -MPI sa %D from lastperiod

- - - - -0.8 1.3 -1.2 - -0.2

Capacity Utilization (SA) - - 57.6 57.1 56.6 57.5 57.2 57.2 -

70

85

100

115

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

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

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

* The latest month was estimated by the BOT

Note: Calculated and Classified by the BOT

3

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 H2 Q3 Q4 Jan FebP FebP

Non-durable index 2.1 3.1 1.2 2.0 0.3 -1.0 -2.3 0.2

Semi-durable index 1.7 1.4 2.0 2.0 2.0 -1.2 0.1 3.0

Durable index -1.2 -2.4 0.0 5.6 -4.5 3.8 17.0 5.8

Service index 7.1 7.4 6.9 8.9 5.0 7.8 6.2E -0.3E

(less) Net tourist spending 11.0 14.2 7.8 15.2 0.6 9.0 -1.8 -5.6

PCI 3.3 3.2 3.4 4.1 2.7 2.2 4.0 1.4

* 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

85

100

115

130

145

85

90

95

100

105

110

115

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Nielsen’s FMCG index sa, 3mma

Fuel indexP sa, 3mma(RHS)

Jan 2014 = 100 Jan 2014 = 100

60

80

100

120

140

160

180

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* & Non-resident Spending Index

25303540455055

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

4

Sources: MOC, NSO, OAE, calculated by BOT

Consumer Confidence IndexDiffusion Index(Unchanged = 50)

AgricultureFeb 17 = 39.40

Non-AgricultureFeb 17 = 40.60

P = Preliminary Data

(%YoY) 20162016 2017

H1 H2 Q3 Q4 Jan Feb

Nominal farm incomeP 1.3 -7.0 9.1 11.3 5.8 11.3 21.8

Agricultural

productionP-2.2 -6.7 1.4 -0.2 2.2 -3.8 8.2

Agricultural price 3.6 -0.3 7.6 11.5 3.5 15.7 12.7

IndexJan 2014 = 100

70

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

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

Farm Income Real Income

55

Fiscal PositionBillion Baht FY2015 FY2016P

FY2016P FY2017P

Q3 Q4 Q1 Jan Feb

Revenue1/ 2,207 2,412 749 603 549 162 142(%YoY) (6.3) (9.3) (13.6) (5.3) (-6.0) (6.7) (0.0)Expenditure2/ 2,511 2,736 650 551 925 255 157(%YoY) (4.8) (9.0) (18.2) (-1.7) (6.1) (5.0) (-1.7)Budgetary B/L -304 -324 99 52 -376 -93 -16Non-Budgetary B/L -40 -58 -23 31 5 -38 -4Cash B/L (CG) -344 -382 76 83 -372 -131 -20Net Financing 275 397 -44 123 5 139 46Treasury B/L 426 441 235 441 75 83 108

Billion baht

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

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

Central Government Current Expenditure(Ex. Subsidies/Grants and Other)

6

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

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

-120-80-40

04080

120160

Jan2012

Jul Jan2013

Jul Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

Debt Equity Business credits (SA) 3MMA

Sources of Corporate Financing Bn baht

% YoY 20162016 2017 %MoM

sa

H1 H2 Q3 Q4 Jan FebP FebP

Permitted Construction Area (9mma) -8.7 -7.5 -10.0 -10.7 -9.3 -8.2 -6.6 0.1

Construction Materials Index -2.0 -1.0 -3.0 -5.0 -0.9 1.0 -4.9 0.4

Real Imports of Capital Goods -1.7 -1.0 -2.4 -1.9 -2.8 -6.6 -1.8 -1.6

Real Domestic Machinery Sales 4.6 6.0 3.2 3.6 2.9 -0.3 -2.5E -0.5E

Car Sales for Investment -3.2 3.4 -8.6 -0.8 -14.4 7.9 13.4 6.2

PII -0.1 0.7 -0.9 -0.7 -1.1 -1.6 -0.5 -0.1

Capacity Utilization (SA) - 57.6 57.1 56.6 57.5 57.2 57.2 -

Private Investment Indicators

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)

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

7

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 28%)Europe ex. Russia (share 16%)Russia (share 3%)

Index sa (Jan 2014 = 100)

Tourists Classified by Nations

20162016 2017

H1 H2 Q3 Q4 Jan FebP 2M

No. of tourists (’000) 32,588 16,592 15,996 8,228 7,768 3,197 2,989 6,186

%YoY 8.9 12.0 5.9 13.1 -0.9 6.5 -3.2 1.6

%QoQsa, %MoMsa - - - 2.5 -10.2 6.5 -4.1 -

8

Source: Customs Department, calculated by BOT P = Preliminary

Import Value in USD

Feb 2017 = 14.4 BnEx. Gold = 13.9 Bn

Jan 2017 = 15.2 BnEx. Gold = 14.0 Bn

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

140

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 H2 Q3 Q4 Jan FebP %MoMsa

Consumer 10.9 5.8 4.1 7.5 8.0 7.1 -1.0 2.7 12.2

Raw material&Intermediate 52.7 -7.6 -16.0 1.8 -4.7 9.2 12.4 22.2 8.7

o/w Fuel 12.1 -20.9 -34.7 -4.0 -16.6 11.7 30.5 58.9 7.0

o/w Raw mat&Interm ex. Fuel 40.6 -2.7 -8.6 3.7 -0.5 8.4 7.7 13.4 9.2

Capital* 26.6 -2.5 -5.7 0.5 2.2 -1.1 -12.7 28.5 27.1

Others 9.8 3.0 -2.0 7.6 0.6 13.1 26.5 8.5 -22.3

Total 100.0 -4.7 -11.3 2.0 -2.4 6.7 11.3 13.4 0.5

Ex. Gold - -4.3 -10.6 2.3 -1.5 6.5 5.4 11.4 5.4

Ex. Gold&Fuel - -1.0 -5.4 3.5 1.4 5.6 2.0 5.4 5.2

*Capital ex. Aircrafts, ships, floating structures, and locomotive on Feb 2017 is -0.3 %YoY

9

% 20162016 2017

H1 H2 Q3 Q4 Jan Feb

Unemployment rate (sa)

1.0 1.0 1.0 0.9(1.0)

1.0(1.1)

1.2 (1.0)

1.1(1.1)

Employed persons (%YoY)

-0.9 -0.4 -1.3 -0.2 -2.5 -1.0 -0.5

Underemployment rate

0.7 0.8 0.6 0.6 0.6 1.2 0.7

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)

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%) Feb 1.44%

Feb0.59%

10

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

Billion USD 2015P 2016P2016P 2017P

H1 H2 Q3 Q4 Jan FebE YTD

Trade Balance 26.8 35.8 20.1 15.6 9.0 6.6 1.9 4.0 5.9Exports (f.o.b.) 214.1 214.1 104.6 109.5 54.9 54.6 17.1 18.4 35.5

%YoY -5.6 0.0 -2.0 2.0 0.4 3.6 8.5 0.7 4.3Imports (f.o.b.) 187.2 178.4 84.5 93.9 45.9 48.0 15.2 14.4 29.6

%YoY -10.6 -4.7 -11.3 2.0 -2.4 6.7 11.3 13.4 12.3Net Services, Income & Transfers 5.3 11.1 6.1 5.0 1.9 3.1 3.1 1.7 4.8Current Account 32.1 46.8 26.2 20.6 10.9 9.7 5.0 5.7 10.7Capital and Financial Account -17.1 -25.7 -3.4 -22.4 -10.5 -11.9 2.9 -0.2 2.6Overall Balance 5.9 12.8 17.7 -4.8 0.8 -5.6 6.8 4.6 11.3

Balance of Payments

11

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

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

H1 H2 Q3 Q4 Jan FebE YTD1. Assets -5,357 -22,752 -8,731 -14,021 -8,216 -5,805 873 -2,808 -1,935TDI -4,991 -13,073 -8,263 -4,810 -2,929 -1,881 621 -1,480 -859

- Equity -6,063 -9,706 -5,737 -3,970 -2,213 -1,757 -372 -669 -1,041Thai Portfolio investment -3,817 -4,361 482 -4,843 -2,784 -2,059 -1,494 -143 -1,637

- Equity security investment -3,398 -1,869 -82 -1,786 -1,319 -468 -350 -392 -741- Debt security investment -419 -2,492 564 -3,057 -1,465 -1,592 -1,144 248 -896

Loans -3,063 1,369 1,030 339 -124 463 -130 62 -68Other Investments 6,514 -6,688 -1,981 -4,707 -2,380 -2,327 1,875 -1,246 630

- Trade credits -1,547 -1,250 859 -2,110 -2,170 60 551 -490 612. Liabilities -11,745 -2,983 5,369 -8,352 -2,235 -6,117 2,006 2,571 4,577FDI 9,004 2,553 3,717 -1,164 -3,929 2,765 923 1,487 2,410

- Equity 5,742 1,347 -1,378 2,725 542 2,183 484 857 1,341Foreign Portfolio investment -12,691 1,473 2,171 -697 5,373 -6,071 694 1,189 1,883

- Equity security investment -8,969 -786 -332 -454 3,223 -3,676 178 -86 93- Debt security investment -3,722 2,260 2,503 -244 2,151 -2,394 516 1,274 1,790

Loans -2,148 -0 1,965 -1,966 -1,357 -609 615 695 1,310Other Investments -5,909 -7,010 -2,485 -4,525 -2,322 -2,203 -226 -799 -1,025

- Trade credits -390 -2,068 -434 -1,633 -1,077 -556 45 -383 -338Total Financial Flows (1+2) -17,102 -25,735 -3,362 -22,373 -10,451 -11,923 2,879 -236 2,643

-2%

-1%

0%

1%

2%

3%

4%

EUR JPY PHP MYR CNY IDR THB SGD TWD KRW

28 Feb 2017 compared to end of Jan 201724 Mar 2017 compared to end of Feb 2017

12

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

Jan-

17Fe

b-17

Feb 20173.3

Reserves/Short-term DebtTimes

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

(Positive values denote currency appreciation compared to USD)

% p.a.

0%

2%

4%

6%

8%

10%

30-D

ec-1

515

-Jan-

1629

-Jan-

1612

-Feb

-16

29-F

eb-1

614

-Mar

-16

28-M

ar-1

612

-Apr

-16

29-A

pr-1

618

-May

-16

2-Ju

n-16

16-Ju

n-16

30-Ju

n-16

15-Ju

l-16

2-Au

g-16

17-A

ug-1

631

-Aug

-16

14-S

ep-1

628

-Sep

-16

12-O

ct-1

627

-Oct

-16

10-N

ov-1

624

-Nov

-16

9-De

c-16

26-D

ec-1

611

-Jan-

1725

-Jan-

178-

Feb-

1723

-Feb

-17

9-M

ar-1

723

-Mar

-17

Latest data 24 Mar 2017

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul Jan2017

NEER REER USDTHB

Index (Jan 2014 = 100)

THB AppreciationMar 2017

(Average data until 24 Mar)

Exchange Rate Movement Exchange Rate Volatility (vis-à-vis USD)