Strong September exports set Thailand on course for 2% growth
Thai exports grew by 1.1% in September thanks to increased global demands, recovering US economy and reduced inflation in Europe
Thailand’s exports in September grew 1.1% year on year at a value of US$25.98 billion (877.75 billion baht), the Trade Policy and Strategy Office (TPSO) said. The agency also predicted a 2% growth for this year.
Poonpong Naiyanapakorn, TPSO director-general, said on Monday that imports in September stood at $25.59 billion, up 9.9% compared to last year.
Hence, he said, Thailand enjoyed a trade surplus of $394.2 million in September.
If oil, gold and armament exports are not included, then Thailand enjoyed an export growth of 3.1% year on year in September, Poonpong added.
From January to September, Thailand’s export revenue stood at $223.18 billion, up 3.9% compared to the same period last year.
Meanwhile, the country spent $229.13 billion on imports from January to September, marking a rise of 5.5% year on year.
Hence, during the first nine months of this year, Thailand had a trade deficit of $5.96 billion, Poonpong added.
If the value of gold, oil and armament exports are excluded, Thailand’s exports enjoyed a 4.2% growth year on year, he said.
He added that the factors contributing to the surge in exports include rising demand for food and agricultural products, continuous growth in the export of electronics and electrical appliances, as well as the recovery of the US economy and easing of inflation in Europe.
Poonpong said his office expects exports to continue growing in the fourth quarter, resulting in a 2% growth at the end of the year.
“If the exports earn some $22.55 billion a month over the last three months, Thailand’s export value for this year will be $290 billion, marking a growth of 2%,” Poonpong said.
“If this is the case, it will be a new high after 2023 saw a record-breaking $287 billion worth of exports.”
Chaicharn Charoensuk, president of the Thai National Shippers’ Council, backed TPSO’s prediction, saying if the exporters maintained the same value of exports for each of the last three months, the export growth would be 2%.
He added that the last quarter of the year was normally the time for exports to pick up as manufacturers will receive a lot of orders during that period.
