Thai exports in March amounted to US$ 24.96 billion contracted by 10.9 % caused by slowdown demand in global and political tensions, debt issues while Thai exports in March of real sector contracted by 5.6%.
Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office said Thai exports in March amounted to US$ 24.96 billion (892.290 billion baht), contracted by 10.9 % caused by slowdown demand in global and political tensions.
Thai exports of real sector (excluding gold, oil-related products, and weaponry) contracted by 5.6 %.
He said Thailand’s exports contracted due to the high base last year. However, they remained close to the average value of exports over the past 5 years amidst global economic uncertainties and low expansion.
Political tensions in several areas, along with prolonged stringent financial policies, affected purchasing power, debt issues, and investment decisions in the business sector. Additionally, volatile weather conditions delayed agricultural product deliveries to the market.
Overall, Thailand’s exports contracted by 0.2 % in the first quarter while exports of real sector (excluding gold, oil-related products, and weaponry) expanded by 1.3 %.
Thai exports in March 2024 decreased by 10.9 % to US$ 24.96 billion while imports increased by 5.6 % to US$ 26.12 billion resulting in a trade deficit of US 1.16.
For the first quarter of 2024, Thai exports decreased by 0.2 % to US$ 70.99 billion while imports increased by 3.8 % to US$75.47 billion, resulting in a trade deficit of US 4.47 million.
Thai Exports outlook in 2024
The Commerce Ministry expects that Thailand’s overall export value in 2024 will continue to expand, particularly in agricultural and food products where Thailand maintains competitive advantages.
Amidst global food shortages and conflicts in some countries, the demand for food products remains high. Additionally, the gradual recovery of the global manufacturing sector positively impacts exports of electronic goods, smartphones, and electrical appliances.
The ministry is actively pushing for exports to new markets to compensate for slower recovery in traditional markets. However, there are challenges, including geopolitical issues that may affect transportation costs.
The ministry also closely monitors and assesses the situation periodically. Moreover, it will collaborate with commercial attaches in each country to find ways to reduce export barriers in the future.
Trade Policy and Strategy Office
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