Thailand recorded a trade surplus of USD 2.72 bln in March, the first in a year and the largest amount since August 2020. Imports declined by 7.1% YoY, dropping for the first time since last December, while exports were down 4.1%, better than the consensus of a 14% decline. In Q1 2023, Thailand’s trade deficit was USD 3.04 bln, up from a shortfall of USD 0.12 bln in the same period last year.