Thailand’s exports increased in September for the second consecutive month, driven by higher shipments of agricultural and agro-industrial products. Rice shipments to South Africa and Indonesia played a significant role in the growth, but key markets like the US, Japan, and the EU remained sluggish. 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, industrial product shipments declined by 0.3%. Importantly, imports in September fell by 8.3%, resulting in a trade surplus of $2.09 billion. The Ministry of Commerce expects exports to continue increasing steadily in the final quarter, driven by stable demand for food security and an upswing in the service and tourism sectors during the year-end festive season. In 2024, Thai exports are estimated to grow by 3.5%, thanks to factors such as increased global trade volume, improved supply chain conditions, rising oil prices, and certain policies limiting agricultural exports from other countries. However, challenges remain, such as tightened monetary policies in advanced countries, China’s slower economic growth, and drought conditions affecting agricultural output.
Thailand’s September Exports Driven by Agricultural Products
Thailand’s exports showed growth for the second consecutive month in September, propelled by increased shipments of agricultural and agro-industrial products. The rise in exports was primarily due to a significant increase in rice shipments to South Africa and Indonesia. However, the recovery of major markets like 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.
Trade Surplus and Decrease in Industrial Product Shipments
In September, industrial product shipments witnessed a decline of 0.3%. Imports also fell by 8.3%, leading to a trade surplus of $2.09 billion. However, both exports and imports had decreased in the first nine months of the year, resulting in a trade deficit of $5.83 billion. Despite these figures, the Ministry of Commerce predicts steady export growth in the final quarter, driven by stable demand for food security and an upswing in the service and tourism sectors during the year-end festive season.
Outlook for Thai Exports in 2024
The year 2024 is projected to bring growth of 3.5% for Thai exports. This increase can be attributed to various factors, including a rise in global trade volume, improved supply chain conditions, higher oil prices, and policies limiting agricultural exports from certain countries. However, challenges such as tightened monetary policies in advanced countries, slower economic growth in China, and drought conditions affecting agricultural output need to be addressed for sustained growth.
Source : Thailand’s exports increased for the second consecutive month in September