In August 2023, Thai exports grew by 2.6% after 10 months of contraction, reaching USD 24,279.6 million. Exports to China improved, while exports to ASEAN and the US fluctuated. The forecast for 2023 was revised to a decline of 1.5%, but a 3.5% expansion is expected in 2024. However, challenges such as tightened monetary policies and drought conditions remain. Source: [Thailand Business News](https://www.thailand-business-news.com/economics/85130-thai-exports-expands-for-the-first-time-in-11-months.html)
Thai Exports Grow by 2.6% in August 2023
Thai exports in August 2023 saw a growth of 2.6% after 10 consecutive months of contraction. The value of exports reached USD 24,279.6 million, with improvements seen in exports to China. However, exports to ASEAN and the US experienced fluctuations.
Factors Driving the Resurgence in Thai Exports
The expansion in Thai exports can be attributed to higher export prices, a lower base of calculation, and the transfer of special purpose motor vehicles to the US. Although overall exports managed a slight growth of 0.7%, there were variations among different product categories. Agricultural, manufacturing, and mining and fuel products returned to expansion, while agro-industrial products continued to decline.
Challenges and Forecasts for Thai Exports
The trade balance in August was mainly supported by the transfer of special purpose motor vehicles. Looking ahead, the forecast for Thai exports in 2023 has been revised to a decline of 1.5%, but a 3.5% expansion is expected in 2024. However, challenges such as tightened monetary policies in advanced countries and drought conditions affecting agricultural output may continue to hinder Thai exports.
Source link: [https://www.scbeic.com/en/detail/product/9254](https://www.scbeic.com/en/detail/product/9254)
Source : SCB EIC predicts exports expansion by 2024 following rebound in August
