# Thai Exports Strengthen, Driven by Electronics Product Cycle Recovery

- Link: https://www.thailand-business-news.com/economics/166917-thai-exports-strengthen-driven-by-electronics-product-cycle-recovery
- Published: 2024-10-08T10:39:00+07:00
- Author: Economic Intelligence Center Siam Commercial Bank

**In August 2024, Thailand’s exports increased by 7% year-over-year, reaching USD
26.18 billion, fueled by robust demand for electronics, rice, and rubber. Concurrently,
imports experienced a rise, leading to a trade surplus.**

## Robust Growth in Thai Exports

In August 2024, Thailand’s exports reached USD 26.18 billion, showing a remarkable
7% year-on-year increase, surpassing earlier forecasts from SCB EIC and Reuter Poll.
This growth follows a significant 15.2% rise in July, culminating in total exports
of USD 197.19 billion for the year’s first eight months—reflecting a 4.2% growth
rate. Key contributors to this growth included computers and parts, which surged
by 74.7%, alongside robust performances from rubber and rice.

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## Positive Trade Balance Despite Import Growth

Thai imports also expanded to USD 25.92 billion, up 8.9%, although at a slower pace
than expected. This positive trade balance of USD 264.9 million defied predictions
of a deficit, as strong exports outperformed lower import growth. Notable import
sectors included raw materials and capital goods, while consumer goods saw a slight
contraction. Thailand’s trade balance remains in a deficit for the year, totaling
USD -6.35 billion.

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## Outlook for Future Export Growth

Looking ahead, SCB EIC anticipates continued export expansion, projecting a 2.6%
growth rate for 2024. Factors supporting this optimism include global economic growth
and a recovering electronics sector. However, potential risks such as flooding, 
the strengthening of the Thai baht, and changes in India’s rice export policies 
could impact future results. Overall, while short-term growth may exceed expectations,
long-term challenges related to competitiveness remain.

[Source link ](https://www.scbeic.com/en/detail/product/9613?rand=55232)