Thai exports showed continued resilience in October. SCB EIC expects positive growth in Q4/2023
Thai export growth reached a 16-month high in October 2023, with 8%YOY increase totaling USD 23,578.8 million. Exports of key products and to key destinations improved. The trade returned to a deficit due to an increase in imports. SCB EIC expects a return to expansion in Q4/2023 and a 3.7% expansion in 2024.
Thai exports grew in November, albeit at a slower pace than imports.
Thai exports in November 2023 increased by 4.9% year over year, but this growth was influenced by the low base of November 2022. Overall, Thai exports declined by -2.7% month over month after a seasonal adjustment. Exports of key products and to various destinations improved, but the trade deficit continued as import growth outpaced exports. The forecast for 2023 Thai exports remains at a decline of -1.5% year over year, with expectations of a 3.7% growth in 2024. However, global supply chain disruptions are a potential risk.
