Thai exports in December 2023 increased by 4.7%YOY, showing signs of recovery. Despite potential risks from global supply chain disruptions, exports are expected to continue improving in 2024.
Prospects for Thai Exports Recovery
December 2023 saw a 4.7% year-over-year increase in Thai exports, indicative of a recovering trend. However, special factors continue to affect growth, leading to lingering uncertainty.
Factors Driving Export Recovery in 2024
Expectations for 2024 suggest a 3.7% growth in Thai exports, driven by improving global trade volume, growth in the international trade-related manufacturing sector, high export product prices, and efforts to promote Thai exports through Free Trade Agreements with various countries. However, amidst these positive projections, potential risks from global supply chain disruptions persist, such as recent attacks on cargo ships in the Red Sea, raising concerns for Asian exporters.
December 2023 Exports Overview and Future Predictions
In December 2023, Thai exports reached USD 22,791.6 million, marking a 4.7% year-over-year increase, mainly driven by gold exports but with mixed results across other sectors. Despite a decrease in import value, there was a trade surplus of USD 972.8 million. Looking forward, SCB EIC predicts continued export recovery in 2024, albeit with potential risks from global supply chain disruptions that could impact Thai exports.
Source : Thai Exports slightly contracted in 2023 but poised for recovery in 2024
