Thai exports in September 2023 showed improvement for the second consecutive month, with a 2.1% year-on-year increase. This growth can be attributed to a surge in unwrought gold exports, an improvement in China’s economic conditions, and increased prices of oil-related export products. However, overall exports for the first three quarters of the year saw a decline of 3.8%. Exports of agricultural and mining and fuel products increased, while exports of agro-industrial and manufacturing products declined. Exports to China saw the highest growth in five months. The trade surplus reached USD 2,092.7 million in September. Despite potential risks such as the Israeli war, Thai trade conditions are expected to continue improving in the future.
Thai Exports Continue to Improve
The value of Thai exports in September 2023 reached USD 25,476.3 million, marking 2 consecutive months of growth with a 2.1% year-on-year increase. This resurgence can be attributed to a surge in unwrought gold exports, improvements in China’s economic conditions, and increased prices of oil-related export products influenced by global economic conditions.
Exports Exhibit Diverse Trends
In September, exports of agricultural and mining and fuel products continued to increase, while exports of agro-industrial products returned to expansion. However, exports of manufacturing products contracted. Key products with notable growth included jewelry, electrical transformers, and aircraft, while exports of computer and parts, chemical products, and motorcycles dragged export growth.
Exports to Key Destinations Return to Growth
In September, exports to China expanded by 14.4%, marking the highest growth in 5 months. Exports to Hong Kong and Switzerland also surged primarily due to gold exports. Exports to the US, on the other hand, dropped significantly by 10%.