In August 2024, Thailand’s exports hit $26.1 billion, growing 7% year-over-year, fueled by increased demand for computers, rubber, rice, and gold, despite ongoing global economic challenges.
Robust Growth in Thai Exports for August 2024
In August 2024, the export value of Thai goods surged to $26,182.3 million, marking a notable year-over-year growth of 7%. This exceeded forecasts from SCB EIC and Reuters, which estimated growth rates of 5.9% and 5.8%, respectively. This month’s results follow a strong 15.2% increase recorded in March. For the first eight months of the year, total exports reached $197,192.8 million.
Key Contributors to Export Expansion
Significant contributors to this growth included a 74.7% increase in computer and component exports, alongside strong demand for rubber and rice, which rose by 64.6% and 46.7%, respectively. Gold exports saw remarkable growth at 99%. Overall, agricultural products expanded by 17.5%, particularly in rubber and rice, while agro-industrial goods grew by 17.1%, showing robust performance across multiple sectors.
Trade Balance Surplus and Future Outlook
Thailand recorded a trade surplus of $264.9 million in August despite lower-than-expected import growth, which expanded by 8.9%. Although the overall trade balance remains in deficit for the first eight months, SCB EIC anticipates continued export growth into 2024, projecting an expansion of 2.6%. However, challenges such as geopolitical issues and rising shipping costs could hinder long-term competitiveness and growth.
Source : Thai exports grew by 7% year-on-year in August 2024
