Abstract
In August 2024, Thai exports grew by 7%YOY, exceeding expectations and standing at USD 26,182.3 million. Factors driving this growth include a surge in computer and parts exports by 74.7%, as well as strong growth in rubber, rice, and gold exports. Trade balance unexpectedly turned positive due to stronger export growth and slower import expansion. SCB EIC forecasts continued export growth for the year, although the growth rate is expected to be modest in 2024 and 2025 due to challenges in revitalizing Thailand’s export momentum.
Summary
The Robust Growth of Thai Exports in August 2024
The value of Thai exports in August 2024 stood at USD 26,182.3 million, expanding robustly by 7%YOY (compared to the same period last year) and exceeding analysts’ expectations. Factors such as the surge in computers and parts exports, as well as strong growth in rubber, rice, and gold exports, contributed significantly to the overall export growth. The export of agricultural and agro-industrial products also saw significant expansion during this period.
Thailand’s Trade Balance and Surprising Positivity
The value of imports in August expanded by 8.9%, while the trade balance unexpectedly registered a surplus of USD 264.9 million, surpassing analysts’ expectations. Stronger-than-expected export growth, coupled with a slower rate of import expansion, contributed to this positive outcome. Thailand’s trade balance remained in a deficit for the first eight months of 2024.
SCB EIC Forecasts and Challenges for Thai Exports
SCB EIC predicts that Thai exports will continue to expand for the remainder of the year, supported by global economic growth and other factors. However, challenges such as flooding, currency strength, and trade restrictions in other countries pose risks to export growth. While short-term export values may exceed expectations, growth rates for 2024 and 2025 are expected to be modest compared to previous years, highlighting ongoing challenges in revitalizing Thailand’s export momentum.
Source : Thai exports remain strong, supported by a boost from the upturn in the electronics product cycle.
