In September 2024, Thai exports grew 1.1% year-over-year, down from 7%. Total exports reached USD 223.2 billion, facing challenges from market fluctuations and competition in the global economy.
Exports Show Cooling Trends in September 2024
In September 2024, Thailand’s exports reached USD 25,983.2 million, reflecting a modest year-over-year growth of 1.1%. This marked a significant decrease from 7% growth in the previous month and fell short of the 2.9% growth anticipated by analysts. Over the first three quarters of the year, total export value was USD 223,176 million, indicating a 3.9% increase, though difficulties loom due to global market fluctuations.
Major Export Categories Experience Slowdown
In September, three out of four export categories showed slower progression. Agro-industrial product growth fell to 7.8%, despite strong performances in canned seafood and pet food. Industrial growth decreased to 2%, influenced by declines in the automobile and semiconductor sectors. Additionally, agricultural exports slowed to 0.2%, hindered by drops in fresh fruits and cassava, while mining and fuel products experienced a steep 24.9% decline, primarily due to lower refined oil exports.
Growth Expected Amid Various Challenges
Despite these slowing trends, SCB EIC forecasts a growth rate higher than the initial 2.6% estimate for the year, driven by increased gold exports and robust electronic sales. However, risks persist, including a potential global economic slowdown and intensified competition from Chinese products. The recent lifting of India’s rice export ban may also impact Thai rice sales. SCB EIC plans to reassess Thailand’s export outlook for 2024 and 2025 in November.
Source : Thai Exports Continued to Grow in September Raising Prospects for an Upward Revision in 2024
