泰国11月的出口额增长了7.1%，这一增幅低于预期

Core Insights - Thailand's exports in November increased by 7.1% year-on-year, which is below market expectations of 8.25% [1] - The country experienced a trade deficit for the second consecutive month, with imports growing faster than exports, raising concerns about economic risks, particularly due to the appreciation of the Thai baht affecting competitiveness [1] - For the period from January to November, exports grew by 12.6% compared to the same period last year, with a projected growth rate for 2025 between 11.6% and 12.1% [1] Export and Import Data - November's imports rose by 17.6% year-on-year, leading to a trade deficit of $2.73 billion, significantly higher than the expected $1.12 billion [2] - The trade balance showed a $3.4 billion deficit in October, marking the largest deficit since January 2023 [2] - Imports from the United States, Thailand's largest market, surged by 37.9% to $6.47 billion, while exports to China fell by 7.8% [2] Sector-Specific Insights - Increased demand for Thai electronic products and components, driven by U.S. investments in AI infrastructure, resulted in a 157% increase in export volume, totaling $5.24 billion [2] - The appreciation of the Thai baht has negatively impacted exports of food and agricultural products, with the baht rising 10.4% against the U.S. dollar this year, making it the second-best performing currency in Asia [2] - Most imports are capital goods and raw materials used to support the production of export goods, with capital goods imports rising by 19% to $8.2 billion and raw materials and semi-finished goods imports increasing by 30% to $14 billion [3]