In August 2024, Thailand’s exports rose 7% to USD 26.18 billion, driven by strong demand for electronics, rice, and rubber, despite rising imports and a year-to-date trade deficit.
Robust Growth in Thai Exports
In August 2024, Thailand’s exports surged by 7% year-on-year, reaching USD 26.18 billion. This growth exceeded forecasts from SCB EIC and Reuters Poll, following a spectacular 15.2% increase in July. Electronics, particularly computers and parts, significantly contributed to this growth, with a remarkable rise of 74.7%, alongside strong performances from rubber and rice.
Positive Trade Balance Amidst Rising Imports
Thai imports rose to USD 25.92 billion, showing an 8.9% increase. This growth was slower than anticipated, resulting in a trade surplus of USD 264.9 million, contrary to predictions of a deficit. Raw materials and capital goods led the import sectors, though consumer goods experienced a slight decline. Overall, Thailand’s trade balance remains at a deficit of USD -6.35 billion for the year.
Future Export Growth Outlook
Looking forward, SCB EIC forecasts a 2.6% growth rate for Thai exports in 2024, driven by global economic advancements and a recovering electronics sector. Nevertheless, challenges such as flooding, a stronger Thai baht, and shifts in India’s rice export policies could pose risks. While short-term growth appears promising, long-term competitiveness challenges persist.
Source : Thai Exports Strengthen, Driven by Electronics Product Cycle Recovery
