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

1

Nov 2016 = 18.9 Bn USDEx. Gold = 18.4 Bn USD

Oct 2016 = 17.6 Bn USD Ex. Gold = 17.4 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

USEU Japan*

* ex. Aircraft and other manufacturing

%YoYShare 2015P 2015P

2016

H1 Q3 Oct NovAvg. Oct-Nov

Contr.Nov

Agriculture 7.5 -10.7 -9.7 -11.9 -9.5 20.9 4.6 1.4

Fishery 0.8 -17.2 11.0 22.6 16.1 24.0 20.0 0.2

Manufacturing 88.7 -5.5 -4.3 0.9 -3.6 7.8 1.9 7.0

Agro-manufacturing Products 12.0 -5.4 -0.3 0.6 -4.4 4.5 -0.1 0.6

Electronics and OpticalAppliances

16.5 -1.4 -5.8 1.2 -6.0 6.1 -0.4 1.0

Electrical Appliances 5.6 -2.1 1.3 8.5 -2.5 5.8 1.5 0.3

Automotive 15.1 2.5 2.1 5.7 -2.1 5.9 1.8 0.9

Machinery & Equipment 9.0 -0.2 -4.9 2.2 6.2 25.2 15.4 2.2

Petroleum Related 12.2 -21.0 -19.4 -12.0 -7.0 8.5 0.5 1.0

Total 100.0 -5.6 -2.0 0.4 -4.3 10.1 2.6

Ex. Gold -6.1 -4.7 -0.1 -3.6 9.1 2.5

Ex. Gold+Petroleum related -3.5 -2.6 1.6 -3.2 9.2 2.8

China

ASEAN5

ME

80

90

100

110

Jan2015

Jul Jan2016

Jul

TH ex.Gold

TW

Asian Export Performance

ID

SG

MYCNKR

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

Index sa, 3mma (Jan 2015=100)

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

2

Manufacturing Production Index (MPI)

(%YoY)Share2011 2015

2016

H1 Q3 Oct NovP %MoMsa

Food & Beverages 18.1 -0.6 0.1 1.2 -2.0 1.7 -4.2

Automotive 17.8 2.2 3.7 -6.7 -7.3 1.5 6.0

- Vehicle 10.8 2.4 4.2 -4.7 -6.8 1.8 6.3

- Engine 7.0 1.7 2.7 -11.2 -8.5 0.9 5.6

Rubbers & Plastics 11.2 1.5 -0.5 -4.0 -0.5 5.1 7.3

IC & Semiconductors 7.3 0.9 -0.5 6.4 12.3 11.4 2.9

Textiles & Apparels 6.2 -6.9 -17.9 -10.3 -3.2 2.0 1.9

Chemicals 6.1 0.4 3.2 -1.5 7.4 0.0 -0.3

Cement & Construction 5.1 -3.4 -1.0 3.5 0.2 0.4 -0.1

Electrical Appliances 4.7 -3.2 13.3 23.6 13.8 4.3 -2.1

Petroleum 3.5 16.8 0.2 3.9 19.2 4.9 -7.8

HDD 1.3 -22.8 -16.0 1.1 -4.9 0.3 4.4

Others 18.9 0.2 -0.4 0.2 -3.3 6.9 6.5

MPI 100.0 0.3 0.3 -0.3 0.0 3.8 -

MPIsa %D from last period - - - -0.3 0.4 2.1 2.1

Capacity Utilization (SA) - 65.8 65.6 64.5 66.3 67.7 -

0.7%

MPI Classified by Export Share

70

85

100

115

Jan2014

Jul Jan2015

Jul Jan2016

Jul

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

-0.3%5.7%

Nov%MoM

Index sa(Jan 2014 = 100)

Index sa(Jan 2014 = 100)

Other Indicators of Manufacturing Production

70

80

90

100

110

Jan2014

Jul Jan2015

Jul Jan2016

Jul

Industrial Electricity Consumption*Index of Work Hours in ManufacturingQuantity of Imported Raw Materials

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

* The latest month was estimated by the BOT

Source: Customs Department, calculated by BOT P = Preliminary

Import Value in USD

3

Nov 2016 = 16.1 Bn Ex. Gold = 15.3 Bn

Oct 2016 = 15.8 BnEx. Gold = 14.9 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

Total imports Consumer goodsRaw materials ex. fuel* FuelCapital goods

80

90

100

110

Jan2015

Jul Jan2016

Jul

Value Quantity Price

Index sa, 3mma (Jan 2015 = 100)

%YoYShare 2015

2015

2016P

H1 Q3 Oct NovAvg.Oct-Nov

Contr.Nov

Consumer 9.9 1.5 4.1 8.0 8.9 8.8 8.8 0.9

Raw material&Intermediate 54.7 -17.6 -16.0 -4.7 4.5 11.0 7.7 5.3

o/w Fuel 14.7 -37.4 -34.7 -16.6 6.9 14.3 10.5 1.6

o/w Raw mat&Interm ex. Fuel 40.1 -6.8 -8.6 -0.5 3.8 10.0 6.8 3.7

Capital 26.2 -3.5 -5.7 2.2 -7.1 -1.7 -4.5 -0.5

Others 9.2 1.1 -2.0 0.6 80.1 -19.3 12.8 -2.7

Total 100.0 -10.6 -11.3 -2.4 7.4 2.5 4.8

Ex. Gold -11.2 -10.6 -1.5 2.6 6.9 4.7

Ex. Gold&Fuel -3.2 -5.4 1.4 1.9 5.8 3.9

Sources: Comptroller General’s Department, Fiscal Policy Office

44

Fiscal PositionBillion Baht FY2015 FY2016P

FY2016P FY2017P

Q3 Q4 Oct Nov

Revenue1/ 2,207 2,412 749 603 154 204

(%YoY) (6.3) (9.3) (13.6) (5.3) (-1.2) (14.2)

Expenditure2/ 2,511 2,736 650 551 433 173

(%YoY) (4.8) (9.0) (18.2) (-1.7) (20.2) (-24.2)

Budgetary B/L -304 -324 99 52 -278 31

Non-Budgetary B/L -40 -58 -23 31 48 -66

Cash B/L (CG) -344 -382 76 83 -231 -35

Net Financing 275 397 -44 123 25 -7

Treasury B/L 426 441 235 441 236 193

Billion baht

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

131 BnTHB (+4.3%YoY)

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

25 BnTHB (+14.7%YoY)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

Oct Dec Feb Apr Jun Aug

avg. FY2014-16 FY2016 FY2017

Sources: Department of Tourism, Bank of Thailand P = Preliminary

5

Note: ( ) denotes share in total tourist arrivals in 2015

0

50

100

150

200

250

300

Jan2014

Jul Jan2015

Jul Jan2016

Jul

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)

20152016

H1 Q3 Oct NovP YTD

No. of tourists (’000) 29,883 16,592 8,228 2,256 2,454 29,531

%YoY 20.4 12.0 13.1 0.5 -4.4 9.8

%QoQsa, %MoMsa - - 1.4 -8.8 -1.3 -

%YoY total ex. CN & MY 5.6 9.1 13.7 5.8 5.3 9.6

Tourists Classified by Nations

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul

Non-durable Index sa, 3mmaService Index* sa, 3mma

Jan 2014 = 100

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

6

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul

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

Jan 2014 = 100

Private Consumption Indicators

%YoY 20152016 %MoMsa

H1 Q3 Oct NovP NovP

Non-durable index 3.5 3.0 0.9 -0.6 -2.0 -0.1

Semi-durable index 0.7 1.4 1.5 2.5 1.1 -1.3

Durable index -6.7 -2.4 5.6 -2.6 -3.9 0.0

Service index 6.8 7.3 8.7 5.7 3.7E -0.9E

(less) Net tourist spending 25.6 14.5 16.2 1.9 -3.6 -1.4

PCI 1.5 3.1 3.4 2.7 1.6 -0.5

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

Non-durable and Service Indices Durable and Semi-durable Indices

7

P = Preliminary Data

Sources: MOC, NSO, OAE, calculated by BOT

Diffusion Index(Unchanged = 50)

25303540455055

Jan2014

Jul Jan2015

Jul Jan2016

Jul

AgricultureNov 16 = 33.3

Non-AgricultureNov 16 = 35.9

70

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul

Farm Income saFarm Income sa, 3mmaAverage Non-Farm Income sa, 3mma(%YoY) 2015

2016

H1 Q3 Oct Nov

Nominal farm incomeP -9.2 -6.5 11.6 19.5 -0.4

Agricultural productionP -3.5 -6.2 -1.2 21.0 -3.3

Agricultural price -5.9 -0.4 13.0 -1.3 3.0

IndexJan 2014 = 100

Real Income

Consumer Confidence Index

Farm Income

% YoY 20152016 %MoMsa

H1 Q3 Oct NovP NovP

Permitted Construction Area (9mma) -1.0 -7.5 -10.7 -9.4 -8.9 1.1

Construction Materials Index -2.4 -0.9 -3.6 -2.8 -1.9 0.4

Real Imports of Capital Goods -0.8 -1.1 -1.9 -7.3 -5.7 1.0

Real Domestic Machinery Sales 9.2 6.0 3.3 4.9 7.1E 0.5E

Car Sales for Investment -6.2 3.4 -0.8 -12.2 -16.6 -2.7

PII 0.9 0.9 -0.3 -0.9 -1.3 0.4

Capacity Utilization (sa) 65.8 65.6 64.5 66.3 67.7

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

Construction Materials IndexPermitted Construction Area (RHS)

8

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)

Private Investment Indicators

60

80

100

120

140

Jan2014

Jul Jan2015

Jul Jan2016

Jul

Real Imports of Capital GoodsDomestic Machinery SalesCar Sales for Investment

-120-80-40

04080

120160

Jan2012

Jul Jan2013

Jul Jan2014

Jul Jan2015

Jul Jan2016

Jul

Debt Equity Business credits (SA) 3MMA

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

Sources of Corporate Financing Bn baht

0

1

2

3

Jan2014

Jul Jan2015

Jul Jan2016

Jul

Rent (21.1%)Food & Beverage (24.6%)Non-Food & Beverage ex. Rent (54.3%)

-2

-1

0

1

2

3

Jan2014

Jul Jan2015

Jul Jan2016

Jul

Raw food (15.5%)

Energy (11.4%)

Core (73.1%)

9

Sources: NSO and Ministry of Commerce calculated by BOT

Core Inflation ContributionHeadline Inflation Contribution%YoY %YoY

Nov0.60% Nov

0.72%

% 20152016

H1 Q3 Oct Nov

Unemployment rate (sa)

0.9 1.0 0.9(0.9)

1.2(1.1)

1.0(1.0)

Employed persons (%YoY)

-0.2 -0.4 -0.2 -2.5 -1.2

Underemployment rate 0.7 0.8 0.6 0.7 0.6

Labor Market Indicators EmploymentThousand persons sa, 3mma

Thousand 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

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

Balance of Payments

10

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

Billion USD 2015P2016P

Q1 Q2 Q3 Oct NovE YTD

Trade Balance 26.8 11.8 8.3 9.0 1.8 2.8 33.7

Exports (f.o.b.) 214.1 52.7 51.9 54.9 17.6 18.9 196.0

%YoY -5.6 -1.5 -2.5 0.4 -4.3 10.1 -0.5

Imports (f.o.b.) 187.2 40.9 43.6 45.9 15.8 16.1 162.3

%YoY -10.6 -14.7 -7.8 -2.4 7.4 2.5 -6.0

Net Services, Income & Transfers 5.3 6.0 0.1 1.4 1.1 0.4 9.0

Current Account 32.1 17.9 8.4 10.4 2.9 3.2 42.7

Capital and Financial Account -17.1 -0.3 -3.1 -9.1 -3.1 -4.1 -19.6

Overall Balance 5.9 13.8 3.9 0.8 -0.5 -1.6 16.3

Net Financial Flows

11

Millions of USD 2015P 2016P

Q1 Q2 Q3 Oct NovE YTD1. Assets -5,357 -3,110 -5,621 -7,411 -1,376 -1,343 -18,860TDI -4,991 -4,391 -3,872 -2,945 19 -308 -11,497

- Equity -6,063 -3,374 -2,363 -2,223 -336 -379 -8,674Thai Portfolio investment -3,817 -834 1,316 -2,816 -613 -1,162 -4,109

- Equity security investment -3,398 341 -423 -1,321 -273 -307 -1,984- Debt security investment -419 -1,174 1,739 -1,495 -340 -855 -2,125

Loans -3,063 122 908 -124 -7 154 1,054Other Investments 6,514 1,993 -3,973 -1,526 -775 -27 -4,309

- Trade credits -1,547 1,113 -254 -2,170 400 -19 -9302. Liabilities -11,745 2,810 2,559 -1,685 -1,711 -2,720 -747FDI 9,004 2,022 1,696 -3,306 557 2,019 2,987

- Equity 5,742 -2,497 1,120 635 325 1,848 1,431Foreign Portfolio investment -12,691 2,590 -419 5,304 -1,134 -4,429 1,911

- Equity security investment -8,969 544 -877 3,168 -507 -2,363 -34- Debt security investment -3,722 2,045 458 2,135 -627 -2,066 1,946

Loans -2,148 -742 2,707 -1,349 -1,041 286 -138Other Investments -5,909 -1,059 -1,425 -2,334 -93 -597 -5,508

- Trade credits -390 -330 -104 -1,089 324 -59 -1,258Total Financial Flows (1+2) -17,102 -300 -3,062 -9,096 -3,086 -4,063 -19,607

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

Sources: Bank of Thailand, Reuters and Bloomberg

12

Sources: Bank of Thailand, Reuters and Bloomberg

%

-8

-6

-4

-2

0

2JPY EUR MYR IDR INR PHP SGD KRW THB CNY TWD

30 Nov compared to end of Oct 201623 Dec compared to end of Nov 2016

80

90

100

110

120

Jan2014

Jul Jan2015

Jul Jan2016

Jul

NEER REER USDTHB

Index (Jan 2014 = 100)

% 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

0

1

2

3

4

5

6

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Q120

16Q2

2016

Q3Oc

t-16

Nov-

16

Nov 20163.3

Reserves/Short-term DebtTimes

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

Latest data 23 Dec 2016

(Negative values denote currency depreciation compared to USD)

Dec 2016 (Average data until 23 Dec)THB Appreciation