# Upturn in Electronics and Gold Push July’s Exports to Highest in Over Two Years

- Link: https://www.thailand-business-news.com/economics/160488-upturn-in-electronics-and-gold-push-julys-exports-to-highest-in-over-two-years
- Published: 2024-09-06T16:30:25+07:00
- Author: Economic Intelligence Center Siam Commercial Bank

**In July 2024, Thai exports grew 15.2% YoY, reaching USD 25.7 billion, driven by
strong demand, particularly in electronics and gold, reversing the previous month’s
contraction.**

In July 2024, Thai exports rose 15.2% year-on-year, reaching USD 25,720.6 million,
marking the highest growth in over two years. This surge exceeded analysts’ expectations,
influenced by improved global demand, particularly in the electronics sector. Notably,
computer and parts exports increased by 82.6%, while gold exports expanded by an
extraordinary 434.4%. The favorable base effect from lower export values last July
also contributed to this significant growth.

ADVERTISEMENT

Analyzing by product category, mining and fuel exports grew 39.5%, while manufacturing
products expanded 15.6%. Agro-industrial exports rebounded with a 14.6% increase,
aided by improved demand for animal fats and processed seafood, although some product
categories, like motor vehicles, faced declines. Agricultural products saw slight
growth, particularly in rubber and rice exports, despite a downturn in fruit exports
to China.

While July’s trade balance returned to a deficit after two months of surplus, imports
rose by 13.1% to USD 27,093.8 million. The SCB EIC maintains a 2024 export growth
forecast of 2.6% for Thai exports, amid a positive global economic outlook and stable
demand. However, risks such as geopolitical tensions and potential climate disturbances
pose challenges for continued export growth in the coming years.

### Related**Posts**

###  󠀁[Bank of Thailand Raises Growth Forecasts but Warns Recovery Remains Concentrated](https://www.thailand-business-news.com/banking/337755-bank-of-thailand-raises-growth-forecasts-but-warns-recovery-remains-concentrated)󠁿

###  󠀁[Oil Prices Surge on Saudi Attacks, Raising Risks for Thailand’s Recovery](https://www.thailand-business-news.com/business/335915-oil-prices-surge-on-saudi-attacks-raising-risks-for-thailands-recovery)󠁿

###  󠀁[Thailand Faces a New Economic Test Nearly 30 Years After Its IMF Rescue](https://www.thailand-business-news.com/economics/334123-thailand-faces-a-new-economic-test-nearly-30-years-after-its-imf-rescue)󠁿

###  󠀁[IMF says AI investment is giving Thailand’s technology supply chain a boost](https://www.thailand-business-news.com/economics/333785-imf-says-ai-investment-is-sustaining-global-growth-giving-thailands-technology-supply-chain-a-boost)󠁿

[Source link ](https://www.scbeic.com/en/detail/product/9588?rand=55232)