Thai exports in September saw growth for the second consecutive month, reaching USD 25,476.3 million with a 2.1% YoY increase. This growth was attributed to various factors, including increased unwrought gold exports, improved economic conditions in China, and higher prices of oil-related export products.
Thai exports showed continued improvement in September, marking two consecutive months of growth. The value of Thai exports in September 2023 reached USD 25,476.3 million, with a 2.1% year-on-year increase.
Expectations of continued momentum in Q4/2023
Going forward, Thai trade conditions are expected to continue improving, with the anticipation of export growth in 2024. However, factors such as monetary policies, Chinese economic conditions, drought, and geopolitical conflicts should be monitored.
The growth in exports can be attributed to several factors, such as a significant increase in unwrought gold exports, favorable economic conditions in China, and higher prices of oil-related export products. However, it is worth noting that the overall exports for the first three quarters of 2023 experienced a decline of 3.8%.
In September, the export of agricultural and fuel products showed a continued increase, while agro-industrial products returned to expansion, and manufacturing products experienced a contraction.
The exports to key destinations showed a return to growth, with a significant increase in exports to China. However, there was a significant drop in exports to the US.
The trade surplus in September reached USD 2,092.7 million, supported by high gold export growth. Import value in September improved from the previous month, primarily due to a decline in imports of gold. The overall trade balance for the first three quarters of 2023 stood at a deficit of USD -5,832.7 million.
While the Israeli war is not expected to have a significant impact on Thai trade, potential escalation and lasting conflicts could indirectly affect Thai exports through fluctuations in oil prices and global financial market conditions.
About the author
EIC or Economic Intelligence Center, a unit of Siam Commercial Bank Public Company Limited, is established to provide business executives with valuable insights for effective decision making.