# Thai exports drop 10.9% in March

- Link: https://www.thailand-business-news.com/economics/139888-thai-exports-drop-10-9-in-march
- Published: 2024-05-09T07:45:00+07:00
- Author: Aishwarya Gupta

In March 2024, **Thailand’s exports** amounted to **24,960.6 million USD** (approximately
892,290 million Baht), contracting by **10.9 percent** compared to the previous 
year.

The decrease in exports was due to global economic volatility, geopolitical tensions,
and the impact of strict financial policies on purchasing power and investment decisions.

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Several trading partners experienced a decrease in exports, including China (9.7%),
Japan (19.3%), ASEAN (26.1%), South Asia (6.1%), the Middle East (7.3%), Africa (
11.9%), Latin America (10.2%), Russia and the Commonwealth of Independent States(
14.2%), and the United Kingdom (19.3%).

 * **Export Products**:
    - **Agricultural and Agro-Industrial Products**: These exports decreased by **
      5.1 percent** year on year (YoY). While agricultural products increased slightly
      by **0.1 percent**, agro-industrial products declined by **9.9 percent**. 
      Notable expansions included rice (+30.6%), rubber (+36.9%), canned and processed
      seafood (+1.5%), pet foods (+29.6%), canned and processed fruits (+20.0%),
      sauces and preparations (+9.6%), and milk and dairy products (+19.1%). However,
      some products experienced decreases, such as cassava products (-16.7%), sugar(-
      45.6%), fresh, chilled, frozen, and dried fruits (-38.7%), and animal and 
      vegetable fats and oils (-50.2%).
    - **Industrial Products**: These exports decreased by **12.3 percent** YoY. 
      While electrical transformers and components expanded by **4.0 percent**, 
      other products faced declines, including automobiles, equipment, and parts(-
      12.4%), oil-related products (-10.5%), computers, equipment, and parts (-11.8%),
      air conditioners and components (-12.7%), and semiconductors, transistors,
      and diodes (-16.1%).
 * **Export Markets**:
    - **Primary Markets**:
       * Exports to China, Japan, the European Union (EU-27), and ASEAN (5) decreased
         by **9.7%, 19.3%, 0.1%, and 26.1%**, respectively.
       * Exports to the United States and CLMV (Cambodia, Laos, Myanmar, and Vietnam)
         increased by **2.5% and 0.5%**.
    - **Secondary Markets**:
       * Exports to South Asia, the Middle East, Africa, Latin America, Russia and
         CIS, and the United Kingdom decreased by **6.1%, 7.3%, 11.9%, 10.2%, 14.2%,
         and 19.3%**, respectively.
       * [Exports to Australia and Oceania increased by **13.5%**](https://uploads.tpso.go.th/1.2%20Press%20Release%20Eng%20MAR%2024-Final1.pdf)
         [^(1)](https://uploads.tpso.go.th/1.2%20Press%20Release%20Eng%20MAR%2024-Final1.pdf).

Despite the contraction, Thailand’s exports remained close to the average value 
of exports over the past five years amid global economic uncertainties. Factors 
such as political tensions, stringent financial policies, and volatile weather conditions
influenced purchasing power, debt issues, and investment decisions in the business
sector. Additionally, imports increased by **5.6 percent**, resulting in a trade
deficit of **1,163.3 million USD** for March 2024.

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In March 2024, the Ministry of Commerce conducted significant activities to boost
exports. This included negotiations to open the Thai market in Hong Kong and strengthen
trade relations. Ministry executives from both countries discussed strategies to
enhance cooperation in promoting Thai SMEs and exchanging product and service information
for market expansion in Hong Kong. They also invited potential Hong Kong entrepreneurs
to expand their businesses in the ASEAN region, using Thailand as a trade and investment
hub. Additionally, they sought increased support from Hong Kong to promote Thailand’s
soft power, particularly in Thai food, fruits, jasmine rice, and Thai service businesses
such as hospitals, hotels, and elderly care services.

Thailand and the Republic of Korea began negotiations for a bilateral free trade
agreement (FTA) with the signing of the Economic Partnership Agreement (EPA). The
agreement is expected to benefit products such as frozen and processed chicken meat,
seafood, tropical fruits, flour, sauces, wood products, and chemicals. Service sectors
including transportation, warehousing, hotels, and restaurants are also expected
to benefit from the agreement.

 (3) Facilitating
the export of Thai fruits to China: The Director-General of the
Commercial Office (Thai TradeCenter) in Kunming held discussions with Chinese officials
to prepare for the convenience of Thaifruits entering the market, starting from 
April. Chinese authorities confirmed their readiness toreceive Thai fruits through
various channels and expressed willingness to assist and coordinate incase of export-
related issues or concerns