Thailand’s exports increased for the second consecutive month in September, driven by higher shipments of agricultural and agro-industrial products.
- Thailand’s exports increased for the second consecutive month in September, driven by higher shipments of agricultural and agro-industrial products.
- The growth in exports was primarily due to the significant increase in rice shipments to South African and Indonesian markets.
- However, the recovery of key markets such as the U.S., Japan, and the European Union remained sluggish, resulting in a slowdown in global demand.
Overall, exports rose by 2.1% to $25.47 billion compared to the same period last year. Agricultural product exports saw a significant jump of 17.7%, while agro-industrial goods expanded by 5.4%. However, key markets like the US, Japan, and the EU remained sluggish due to geopolitical risks and high interest rates.
Industrial product shipments declined by 0.3%. Imports in September fell by 8.3%, resulting in a trade surplus of $2.09 billion. For the first nine months of the year, exports and imports both decreased, leading to a trade deficit of $5.83 billion.
In August 2023, Thai exports saw an expansion of 2.6%YOY, marking the first growth in 11 months
The Ministry of Commerce expects exports to increase steadily in the final quarter due to stable demand for food security and an upswing in the service and tourism sectors during the year-end festive season.
In the year 2024, it is estimated that Thai exports will witness a growth of 3.5%. This growth can be attributed to factors such as an increase in global trade volume, improved supply chain conditions, rising oil prices, and policies that limit agricultural exports from certain countries.
However, there are still some challenges that need to be addressed, such as the tightened monetary policies in advanced countries, China’s slower economic growth, and drought conditions that affect agricultural output.
About the author
Boris Sullivan is a business news editor based in Hong Kong. He has over 15 years of experience in covering the latest trends and developments in the Asian markets, as well as the global economy.