Abstract
Thai exports in March 2024 decreased by -10.9% YOY, mainly due to a drop in gold exports. Excluding gold, exports only contracted by -7.1%. Key product categories like manufacturing and agro-industrial products also declined. Exports to major destinations like Japan and China dropped significantly, while imports increased by 5.6%YOY, leading to a trade deficit of USD -1,163.3 million. Despite challenges, SCB EIC anticipates a positive growth of 3.1% in Thai exports for 2024, supported by improving global trade volume and favorable export product prices.
Summary
Thai Exports Show Slight Slowdown
The value of Thai exports in March 2024 stood at USD 24,960.6 million, marking the first contraction in 8 months. The decline was as high as -10.9% YOY compared to the same period last year. Excluding gold, export contraction lessened to -7.1%. This slowdown indicates signs of a short-term recovery continuing from the previous month, with Thai exports standing at USD 70,995.3 million during the first 3 months of 2024, contracting by -0.2%.
Weakening Exports in Key Product Categories
In March, exports of manufacturing products, agro-industrial products, mining and fuel products contracted, while exports of agricultural products slightly expanded. Key products contributing to the decline included automotive parts and computer components. However, reciprocating internal combustion piston engines and parts drove growth in this category. Agricultural products like rubber and fruits saw growth, partly influenced by weather conditions affecting harvesting periods.
Imports Drive Trade Deficit
In March, imports stood at USD 26,123.8 million, growing by 5.6% YOY. Imports of fuel products and capital goods expanded, while vehicle and consumer goods imports contracted. The trade balance registered a deficit of USD -1,163.3 million. Factors such as improving global trade volume and manufacturing sector growth contribute to SCB EIC’s expectation of a 3.1% export growth in 2024, despite various global trade risks.
Source : Thai exports in March 2024
