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Thai exports remain strong, supported by a boost from the upturn in the electronics product cycle.
Thai exports in August 2024 grew by 7%YOY to USD 26,182.3 million, exceeding expectations. Factors driving growth included computers, rubber, rice, and gold. Trade balance turned positive, defying expectations, with import growth slower than anticipated. SCB EIC forecasts continued export growth for the year, but challenges remain for future export growth.
Outlook Quarter 3/2024
Global economic growth is expected to slow in the latter half of 2024, but a soft landing is likely due to factors like interest rate reductions and strong momentum in major economies. Thailand’s economy is forecasted to grow modestly, with challenges in industries like automotive and SMEs.