Thailand’s exports are projected to hit nearly $300 billion in 2024, driven by demand fears over US tariffs, despite a trade deficit caused by rising imports and increased global demand.
Observers emphasize the importance of maintaining momentum despite trade challenges and the looming threat of US protectionism. Thailand’s trade surplus with the US, although a sign of strong export performance, poses risks as exports are expected to hit nearly $300 billion in 2024, largely influenced by concerns over potential tariffs from President-elect Trump.
According to Kirida Bhaopichitr from the Thailand Development Research Institute, the surge in orders since July reflects importers’ fears of imminent tariff hikes, prompting them to stockpile. This heightened demand has contributed significantly to Thailand’s export growth.
In the first 11 months of 2024, Thai exports reached $275.7 billion, a 5.1% increase. This growth, coupled with rising global demand and advances in various industries, underscores Thailand’s strategic approach to navigating potential trade imbalances with the US.
Source : After reaching high of US$300 billion in 2024, Thailand faces challenge to sustain export boom
