Abstract
Thai exports performed well in May, with a value of USD 26,219.5 million, a 7.2% increase from the previous year. Exports of agricultural products, particularly fruits, to China drove growth. Exports to China and India saw robust growth, while exports to Australia and the Middle East contracted. Thai trade returned to surplus as imports contracted. SCB EIC predicts continued export growth in June and for the rest of 2024, with a similar forecast for 2025. Global economic conditions and favorable export product prices are expected to support growth.
Summary
Thai Exports Performance in May 2024
The value of Thai exports in May 2024 reached USD 26,219.5 million, showing a 7.2% year-on-year growth. Excluding gold and base effect, exports saw a slight contraction compared to the previous month, hinting at a continuous recovery. Fruits exports to China played a significant role in driving overall export growth during the month, with agricultural products recording a rise of up to 36.5%.
Exports to Key Markets and Product Categories
Exports to China and India saw robust growth, while exports to Australia and the Middle East saw a contraction. Notably, exports of fresh fruits to China surged by 142.4%, contributing significantly to the overall export growth. On the other hand, exports to Australia declined by -2.4%, mainly due to reduced shipments of automotive parts.
Outlook for Thai Exports in 2025
SCB EIC expects Thai exports to continue recovering in June and the second half of 2024. With positive global economic conditions and favorable prices for export products, the outlook for Thai exports in 2025 also appears promising, with expected growth rates similar to those of 2024. However, potential risks such as geopolitical conflicts and trade barriers could affect the global trade landscape and impact Thai exports in the coming years.
Source : Exports performed well in May, supporting signs of continual growth in H2/2024 and 2025.
