# Thailand’s Exports Rise for Sixth Straight Month in January 2024

- Link: https://www.thailand-business-news.com/economics/127594-thailands-exports-rise-for-sixth-straight-month-in-january-2024
- Published: 2024-02-24T10:37:05+07:00
- Author: Bahar Karaman

Thailand’s customs-cleared exports have continued their upward trajectory, rising
for the **sixth consecutive month** in January 2024.

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The annual growth rate reached **10%**, surpassing expectations and outperforming
a Reuters poll forecast of **8.8%**. This positive trend follows December’s already
notable **4.7%** increase.

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## Key Highlights

 1. **Strong Export Performance:** Thailand’s export sector has shown resilience despite
    global economic challenges. The reading of a 10% annual increase surpassed the 
    8.8% forecast from a Reuters poll, signaling robust demand for Thai goods in international
    markets.
 2. **Imports and Trade Balance:** While exports surged, imports also saw growth, rising
    by **2.6%** compared to the previous year. However, this beat expectations of a
    3.1% decline. Despite the positive export figures, Thailand posted a trade deficit
    of **$2.76 billion** in January, exceeding the forecasted $1.54 billion deficit.
 3. **Rice Exports Shine:** Notably, rice export volumes rose significantly by **17.6%
    annually** in January. Thailand, as the world’s second-largest shipper of rice,
    continues to play a crucial role in global food supply chains.
 4. **Targeted Growth:** Overall, Thailand aims for export growth of **1%-2%** this
    year. Achieving this target may prove challenging given last year’s 1% drop in 
    shipments.

**Challenges Ahead:** While the export outlook for 2024 remains positive due to 
factors such as global economic recovery and demand for food security measures, 
challenges persist. The Bank of Thailand (BoT) has cautioned that Thailand’s export
sector has lost competitiveness over the past two decades, particularly in rice 
shipments where market share has declined by more than 50%.