# Thailand’s export grew 10% year-on-year in January

- Link: https://www.thailand-business-news.com/trade/128593-thailands-export-grew-10-year-on-year-in-january
- Published: 2024-03-01T10:07:23+07:00
- Author: Bahar Karaman

Thailand’s growing export sector saw a 10% year-on-year increase in January, marking
six consecutive months of growth.

The growth in exports, along with rising private investment, consumption, and tourism,
is expected to drive the economy to a 2.8% growth in 2024.

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 * Thailand’s export growth of 10% in January 2024 offers hope for a stronger GDP
   expansion this year.
 * The mounting trade deficit with China poses a significant challenge for Thailand’s
   economy, threatening local industries and employment.
 * The Thai government is urged to address issues related to undervalued imports,
   exploitation of trade agreements, and smuggling of Chinese goods to protect local
   industries and prevent further trade imbalances.

However, there are concerns about the mounting trade deficit with China, driven 
by cheap imports flooding the market.

**Thailand’s trade deficit with China** has reached a **record high**. For the **
fifth consecutive year**, Thailand recorded a trade deficit with China in **2023**,
amounting to **US$36 billion**, up from $29 billion in 2022. This deficit arises
because Thailand imports more goods from China than it exports. In 2023, Thailand’s
imports from China totaled **$105 billion**, while its exports were only **$69 billion**.

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China is Thailand’s largest trading partner, accounting for **22%** of Thailand’s
total trade. Thailand primarily imports a wide range of goods from China, including
electronics, machinery, and chemicals.

In contrast, its exports to China mainly consist of agricultural products such as
rubber, rice, and seafood. The trade deficit is driven by increased imports of intermediate
goods, like electronics and machinery, which are used to produce finished goods 
for export but are not counted as exports themselves.