# Thai Exports Continued to Grow in September Raising Prospects for an Upward Revision in 2024

- Link: https://www.thailand-business-news.com/economics/174186-thai-exports-continued-to-grow-in-september-raising-prospects-for-an-upward-revision-in-annual-growth-forecasts
- Published: 2024-11-13T09:16:00+07:00
- Author: Economic Intelligence Center Siam Commercial Bank

**In September 2024, Thai exports grew 1.1% YOY, slowing from 7% growth. Total exports
reached USD 223,176 million for the year, with challenges from global trends and
market fluctuations ahead.**

## Exports Show Cooling Trends in September 2024

In September 2024, Thailand’s exports totaled USD 25,983.2 million, reflecting a
modest year-over-year growth of 1.1%. This growth slowed from the previous month’s
7% and fell short of analysts’ expectations of 2.9%. Notably, the total export value
for the first three quarters of the year reached USD 223,176 million, indicating
a 3.9% growth on a customs basis. The decline in growth can be attributed to factors
such as a slowdown in computer exports and the first year-on-year decline in gold
exports in five months, influenced by a high base effect from last year.

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## Major Export Categories Experience Slowdown

Three out of four export categories displayed slower growth in September. Agro-industrial
products decelerated to 7.8%, down from 17.1%, driven by strong growth in canned
seafood and pet food, although sugar exports contracted. Industrial product growth
eased to 2%, primarily affected by declines in automobiles and semiconductors. Agricultural
product growth slowed significantly to just 0.2%, hindered by contractions in fresh
fruit and cassava products, while mining and fuel products saw a steep decline of
24.9%, mainly due to falling refined oil exports.

## Growth Expected Amid Various Challenges

Despite the cooling trends in exports, SCB EIC anticipates growth to surpass initial
estimates of 2.6% for the year, propelled by rising gold exports and strong electronic
sales. However, several risks loom, including a potential global economic slowdown
and increased competition from Chinese goods. Additionally, the lifting of India’s
rice export ban could impact Thai rice exports, and fluctuations in the Thai baht
might affect price competitiveness. SCB EIC plans to reassess Thailand’s export 
outlook for 2024 and 2025 in November.

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