Export growth failed to meet expectations.
After two years, Thailand saw its first trade deficit of US$187.5m in July, UOB said in a review.
Imports growth rose to 18.5% YoY in July, up from 13.7% in June.
Export growth failed to meet expectations with a rate of 10.5% against the expected 12%.
Agriculture brought in higher shipments with 29.5% growth. On the downside, industry-related exports shrank to 8.6% from last month's 11.6%.
"Despite the surprising trade deficit, we note that this could aid in capping future THB strength, especially if trade deficits persist into the year," UOB said.
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