Thailand’s exports in 2024 poised to hit record high

Thailand’s exports are on track to achieve a historical high of $300 billion this year, up 5.2% year-on-year, according to the Ministry of Commerce.

The value of exports reached $25.6 billion in November, marking the fifth consecutive month of growth with an 8.2% year-on-year increase.

This growth was primarily driven by technology-related products, particularly computers, equipment and components, underscoring the global shift towards the digital era.

According to Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, exports of manufacturing-related goods continue to perform well, supported by proactive adjustments by various countries to address new trade dynamics and potential geopolitical challenges.

The global demand for Thai agricultural and food products also significantly contributed to the robust export performance.

In terms of sectors, exports of agricultural and agro-industrial products grew by 5.7% year-on-year in November, marking the fifth consecutive month of growth.

Meanwhile, exports of industrial products grew by 9.5% year-on-year in November, marking the eighth consecutive month of growth. For the first 11 months, exports of industrial products grew by 5.5%.

In terms of markets, exports to primary markets including the U.S., China, the EU as well as Cambodia, Laos, Myanmar and Vietnam showed an improvement while exports to Japan and the five other Association of Southeast Asian Nations (ASEAN) countries fell.

Meanwhile, imports in November increased by 0.9% year-on-year to $25.8 billion, resulting in a trade deficit of $224 million.

For the first 11 months, exports grew by 5.1% year-on-year to $275.7 billion, while exports excluding gold, oil products and arms expanded by 4.9%. Imports rose by 5.7% year-on-year to $282 billion, resulting in a trade deficit of $6.27 billion.

Chaichan Charoensuk, chairman of the Thai National Shippers' Council, said while exports will reach a record high, persistent challenges remain including geopolitical tensions and an economic slowdown in the European Union. The key challenge for Thai businesses next year will be reducing production costs, he added.