Abstract
Exports in Thailand in June 2024 contracted by 0.3% year-over-year, mainly due to a decline in fruit exports to China. Agro-industrial and agricultural product exports also decreased, with a notable drop in fruit exports. Key partners such as Hong Kong, Japan, and China experienced declines in imports from Thailand. The trade balance in June showed a slight surplus, but the overall balance for the first half of 2024 remained at a deficit. SCB EIC anticipates an improvement in Thai exports in July and the second half of the year, projecting a 2.6% expansion for 2024.
Summary
June Exports Contracted due to Slowdown in Fruits Exports to China
The value of Thai exports in June 2024 stood at USD 24,796.6 million, showing a slight contraction of -0.3%YOY. This decline was driven by lower exports of fruits to China due to drought conditions, despite a boost from gold exports.
Agro-Industrial and Agricultural Exports Revert to Contraction
Exports of agro-industrial and agricultural products weakened in June, with a notable decline in exports of fruits to China. Meanwhile, exports of rice and rubber expanded, but overall export growth was impacted by the downturn in fruit exports.
Trade Balance Records a Slight Surplus in June
In June, the value of imports saw an expansion of 0.3%, resulting in a slight surplus in the trade balance. Although the trade balance for the first half of 2024 remained at a deficit, SCB EIC anticipates that Thai exports will improve in July and the second half of the year based on current global economic trends.
