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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.
Thai exports grew in November, albeit at a slower pace than imports.
Thai exports in November 2023 increased by 4.9%YOY, but this growth is mainly due to the low base effect from the previous year. Exports of key products and to key destinations improved, but the trade deficit continued. SCB EIC expects 2023 exports to drop by -1.5%YOY and to improve in 2024.
Outlook Quarter 4/2023
SCB EIC revised 2023 growth forecast to 2.6% due to lower Q3 GDP, government spending, and tourist arrivals. 2024 economy to grow at 3.0% with rising exports and private investment. Concerns about slow recovery and uncertainties. Proposes “four enhancing policies” to address structural issues.
