出口疲软难抵进口高涨，泰国连续两月贸易逆差刷新年内高位

Core Viewpoint - Thailand's trade deficit in November reached $2.73 billion, significantly exceeding market expectations of $1.36 billion, marking the second consecutive month of higher-than-expected trade deficits [1] Group 1: Trade Performance - November exports increased by 7.1% year-on-year, but this growth rate was below market expectations [1] - Imports rose by 17.6% year-on-year, surpassing expectations and contributing to the widening trade deficit [1] - The trade deficit in October was recorded at $3.4 billion, the largest monthly deficit since January 2023 [1] Group 2: Economic Implications - The strengthening of the Thai baht has diminished the price competitiveness of Thai exports in international markets [1] - Exports account for over 50% of Thailand's GDP, and the combination of currency appreciation and weak external demand is exerting downward pressure on economic growth [1]