In July 2024, Thai exports rose 15.2% YoY to USD 25.7 billion, fueled by strong electronics and gold demand, despite returning to a trade deficit after two months of surplus.
July 2024 Export Surge
In July 2024, Thailand’s exports experienced a remarkable 15.2% year-on-year growth, reaching USD 25.7 billion. This increase, the highest in over two years, was driven by strong global demand, especially in the electronics sector, reversing the previous month’s downturn. Significant contributions came from computer and parts, which rose by 82.6%, and gold exports, which skyrocketed by 434.4%.
Product Category Insights
By product category, mining and fuel exports grew by 39.5%, while manufacturing products rose by 15.6%. Agro-industrial exports also rebounded with a 14.6% increase, particularly in animal fats and processed seafood. However, some sectors, like motor vehicles, faced declines, and agricultural products saw modest growth mainly in rubber and rice, despite a decline in fruit exports to China.
Trade Balance and Future Outlook
Despite the positive export growth, July’s trade balance returned to a deficit after two months of surplus as imports increased by 13.1% to USD 27.1 billion. The SCB EIC forecasts a 2.6% growth for Thai exports in 2024 due to a stable global economic perspective. Nonetheless, geopolitical tensions and climate change could pose risks to ongoing export growth in the future.
Source : Upturn in Electronics and Gold Push July’s Exports to Highest in Over Two Years
