Thailand’s July exports surge 15.2%, highest in 28 months

Thailand’s exports in July expanded by 15.2% year on year thanks to a drop in global inflation, which put more money in consumers’ pockets, the Commerce Ministry said on Tuesday.

Poonpong Naiyanapakorn, director of the ministry’s Trade Policy and Strategy Office, said exports in July alone were worth US$25.72 billion (938.28 billion baht), hitting the highest level since March 2022.

“Even if oil, gold and weapons are not included, Thai exports still expanded by 9.3% year on year,” he said.

Rising jobs and wages in importing countries have also contributed to the recovery of consumption, he said, which in turn has given Thai exports a positive spin.

In the first seven months of this year, Thai exports came in at $171.01 billion (5.83 trillion baht), up 3.8% year on year. However, its import of goods worth $177.62 billion (6.05 trillion baht) put Thailand in a trade deficit of $6.61 billion (225.37 billion baht).

Exports of agricultural and industrial products, including rubber, rice, fresh and frozen chicken, canned and processed seafood, fuel, computers and air-conditioners, rose 4% and 3.8%, respectively.

However, the export of fresh and frozen fruits, cassava, sugar, beverages, cars, electric circuits and semiconductors has dropped.

Poonpong expects a gradual recovery in Thai exports in line with the recovery of the global economy and trade, as well as signs of recovery in global manufacturing.

“If Thailand exports approximately $24 billion [818.13 billion baht] worth of goods in the remaining five months, then this year’s exports will expand by 2% as planned,” he said, adding that the Commerce Ministry will monitor the challenges on Thai exports closely.