In June 2024, Thai exports declined slightly due to lower fruit exports to China, but gold exports increased. Despite the decrease, Thailand still had a trade surplus. Predictions suggest a 2.6% export growth for 2024, with expectations for similar growth in 2025, although challenges such as global economic conditions and trade barriers must be considered.
Thai Exports Experience Decline in June 2024
In June 2024, Thai exports saw a 0.3% year-on-year decline, attributed to a drop in fruit exports to China despite a rise in gold exports. The total export value fell to USD 24,796.6 million, with a month-over-month decline of 0.4%. Despite this, Thailand maintained a trade surplus for the month, with exports totaling USD 145,290 million for the first half of 2024, reflecting a 2% increase year-on-year.
Challenges in Agro-Industrial and Agricultural Sectors
The agro-industrial and agricultural sectors in Thailand faced challenges, with fruit exports to China plummeting by 40.2%. However, other sectors like rice and rubber showed positive growth. Manufacturing exports grew by only 0.3%, while mining and fuel product exports remained stagnant.
Positive Outlook for Thai Exports
SCB EIC anticipates improved export performance for July and the remainder of 2024. They project a 2.6% expansion in Thai exports for the year, based on current global economic trends and manufacturing conditions. Looking ahead to 2025, growth is expected to continue, albeit with potential constraints from global market demands and trade barriers.
Source : SCB EIC anticipates a 2.6% increase in Thai exports for 2024
