Abstract
In December 2024, Thai exports saw a strong growth of 8.7%, reaching USD 24,765.9 million. Strong performance was seen in various categories, except for mining and fuels. Exports to key markets like the US, China, Europe, and India also posted significant growth. Throughout 2024, Thai exports increased by 5.4%, with notable performance in the second half of the year. However, challenges are expected in the second half of 2025 due to a slowing global economy and trade protectionist policies in various countries.
Summary
Strong Growth in December Exports
Thai exports in December 2024 accelerated by 8.7%, reaching USD 24,765.9 million, surpassing expectations and marking six consecutive months of growth. Key factors driving this growth included concerns over U.S. trade protection measures, the upward cycle in electronics, and high growth in gold exports. Despite some products facing contraction, overall export performance remained robust.
Growth Across Major Categories and Markets
Thai exports in December saw strong growth in industrial, agricultural, and agro-industrial products, except for mining and fuels, which experienced a sharp contraction. Major export markets such as the US, China, Europe, and India recorded significant growth, with key products driving export expansion in various categories. Notable growth in specific markets, along with strong performances in key export categories, contributed to the overall positive trend.
Outlook for 2025 and Trade Deficit
In early 2025, Thai exports are expected to continue growing robustly but may face headwinds in the second half of the year due to global economic slowdown, trade protectionist policies, and overcapacity issues in China. On the import side, December imports surged as expected, while the trade deficit narrowed to its lowest in three months. Looking ahead, SCB EIC projects Thai export growth for 2025 at 2%, with revised forecasts expected in February.
Source : Exports in December remain robust, but trade war concerns loom over the second half of 2025
