In August 2024, Thailand’s exports reached USD 26,182.3 million (939.521 billion baht), reflecting a 7.0 percent growth. Thai exports of real sector (excluding gold, oil-related products, and weaponry) increased by6.6 percent.
Exports continued to expand from the previous month, showing growth across all product categories, especially in agricultural and agro-industrial products, which saw significant expansion. Industrial products also performed well, supported by various factors such as volatile weather conditions in many countries and the recovery of the service sector in key markets, driving demand for agricultural products and food.
European Union’s economy started to recover from inflationary pressures
Additionally, the European Union’s economy started to recover from inflationary pressures, which increased consumer purchasing power and boosted demand for Thai products. Another positive factor was the reduction in shipping costs, particularly for routes to the U.S. and Europe, which reduced exporters’ costs and enhanced price competitiveness.
Overall, Thailand’s exports in the first eight months of 2024 grew by 4.2 percent, while exports of real sector (excluding gold, oil-related products, and weaponry) expanded by 4.3 percent.
Thai exports in August 2024 increased by 7.0 percent to 26,182.3 million USD, while imports increased by 8.9 percent to 25,917.4 million USD, resulting in a trade surplus of 264.9 million USD. For the first eight months of 2024, Thai exports increased by 4.2 percent to 197,192.8 million USD, while imports increased by 5.0 percent to 203,543.8 million USD, resulting in a trade deficit of 6,351.0 million USD.
Export Products
Thai exports of agricultural and agro-industrial products increased by 17.4 percent(YoY), continuing to grow for the second consecutive month. Agricultural products grew by 17.5 percent, while agro-industrial products expanded by 17.1 percent.
For the first eight months of 2024, exports of agricultural and agro-industrial products increased by 5.6 percent. Thai exports of industrial products increased by 5.2 percent (YoY), continuing to grow for the fifth consecutive month.
Export Markets
- Exports to primary markets increased by 5.7 percent.Exports to the US, China, the EU (27), ASEAN (5) and CLMV increased by 3.0%, 6.7%, 26.4%, 4.5%, and 13.7%, respectively, while exports to Japan decreased by 11.3%.
- Exports to secondary markets increased by 7.9 percent. Exports to South Asia, the Middle East, Africa, Latin America, Russia and CIS, and the UK increased by 22.8%, 34.6%, 20.3%, 19.1%, 9.3%, and 2.6%, respectively, while exports to Australia decreased by 14.0%.
- Exports to other markets increased by 106.8 percent.
Export outlook of 2024
Regarding the export outlook of 2024, the Ministry of Commerce anticipates sustained export growth for the remainder of 2024. Prominent positive factors include indications of abating inflation in numerous countries and a trend toward more accommodative monetary policies, which are expected to stimulate global consumption.
Meanwhile, the demand for Thai agricultural products is projected to increase, aligned with the food security policies of partner countries, further supported by global climate fluctuations affecting production in many countries.
Additionally, the trend of slowing freight rates will help reduce logistics costs, enhancing the competitiveness of Thai exporters. However, there are still factors that could impact Thai exports in the future, such as high geopolitical uncertainty, the continued appreciation of the Thai baht, and the possibility of domestic floods affecting agricultural production.
Office of Trade Policy and Strategy
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