Thailand's October exports reach $27.22bn, highest in 19 months

Poonpong Naiyanapakorn, director of the Trade Policy and Strategy Office (TPSO), reports that Thailand's exports in October reached a value of US$27.22 billion, marking 14.6% growth and achieving the highest export value in 19 months. 

Imports for the same period amounted to $28.02 billion, up 15.9%, resulting in a trade deficit of $794.4 million.

Key growth drivers included technology-related exports, particularly computers, equipment and components, which expanded significantly in line with the rapid development of digital technologies. 

Positive factors also stemmed from rising global demand for agricultural and food products and easing inflation in key export markets.

For the first 10 months of 2024, Thailand’s exports totalled $250.4 billion, growing by 4.9%. Imports reached $257.15 billion, up 6.6%, resulting in a trade deficit of $6.75 billion.

October's export growth was driven by a 7.2% increase in agricultural and agro-industrial exports. Industrial exports grew by 18.7%. Major export markets performed well, aligning with recovery signals in key trading partners' economies, particularly China and Japan, which resumed growth, along with strong performance in the US, CLMV (Cambodia, Laos, Myanmar and Vietnam), the European Union, and the UK.

Poonpong said the export outlook for 2024 is optimistic, with strong growth expected in the fourth quarter. This growth is projected to push the annual export growth rate beyond the Commerce Ministry’s working target. 

"The Ministry of Commerce anticipates Thai exports to grow by up to 4% this year, exceeding the target, with a total value reaching $300 billion," he said.

The key positive factors included the recovery of trading partners' industrial sectors, increased adoption of more accommodative monetary policies, growth in exports of Thai agricultural and food products, particularly during year-end festivals and the tourism season, and lower logistics costs driven by declining freight rates.

However, Thai exports still face several challenges, such as uncertainty surrounding future US trade policies, exchange-rate volatility, ongoing geopolitical conflicts, and India’s adjustments to its rice export policies, which may impact Thai rice exports.