Thailand’s exports in July 2024 showed strong recovery, reaching a value of 25,720.6 million USD (938,285 million baht), an expansion of 15.2 percent, marking the highest growth rate in 28 months since March 2022.
Thai exports of real sector (excluding gold, oil-related products, and weaponry) increased 9.3 percent. The global average inflation slowdown significantly boosted consumer purchasing power, which was a key factor in this recovery.
Major markets have shown strong recovery-the US, China, ASEAN, and the EU
Additionally, the increase in employment and wage adjustments in major trading partners, particularly in Europe, led to a recovery in consumption, positively impacting Thailand’s exports. Major markets that have shown strong recovery include the US, China, ASEAN, and the EU. This aligns with the IMF’s forecast in world economic outlook, which suggests that the world economy will benefit from China’s economic recovery, driven by strong export growth, and Europe’s recovery from its lowest point.
Thai exports in July 2024
Thai exports in July 2024 increased by 15.2 percent to 25,720.6 million USD while imports increased by 13.1 percent to 27,093.8 million USD, resulting in a trade deficit of 1,373.2 million USD.
Thai exports of agricultural and agro-industrial products increased by 8.7 percent (YoY), rebounding after a contraction in the previous month. Agricultural products grew by 3.7 percent, while agro-industrial products expanded by 14.6 percent. Industrial product exports increased by 15.6 percent (YoY), rebounding after a contraction in the previous month.
Imports increased by 4.4percent to 177,626.5 million USD, resulting in a trade deficit of 6,615.9 million USD.
Export Markets
Exports to primary markets increased by 16.2 percent. Exports to the US, the EU (27), and CLMV increased by 26.3%, 17.1%, and 19.8%, respectively, while exports to China and ASEAN (5) rebounded with increases of 9.9% and 17.8%. However, exports to Japan decreased by 2.5%.
Exports to secondary markets increased by 4.6 percent. Exports to South Asia, Latin America, Russia and CIS, and the UK increased by 29.5%, 4.4%, 0.5%, and 13.3%, respectively, while exports to Australia and Oceania, the Middle East, and Africa decreased by 2.8%, 3.7%, and 6.7%.
Overall, Thailand’s exports for the first seven months of 2024 expanded by 3.8 percent to 171,010.6 million USD, while exports of real sector (excluding gold, oil-related products, and weaponry) expanded by 4.0 percent.
Ministry of Commerce expects Thailand’s exports to gradually recover in 2024
Regarding the export outlook of 2024, the Ministry of Commerce expects Thailand’s exports to gradually recover in 2024, in line with the improving global economy and trade environment, as well as signs of recovery in global industrial production. Additionally, the growth of the digital economy is anticipated to support related products throughout the year. However, there are risks that could pressure exports, including ongoing geopolitical conflicts and uncertainty in economic and trade policies following elections in several key countries. The Ministry of Commerce will continue to closely monitor these situations.
Office of Trade Policy and Strategy
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