February exports surge 14%, aiming for 3% growth for the year

FRIDAY, MARCH 21, 2025
February exports surge 14%, aiming for 3% growth for the year

Commerce Ministry reports February exports at $26.7 billion, up 14%, marking eight consecutive months of growth. Q1 is expected to grow by 10%, with full-year target at 3%.

Commerce Minister Pichai Naripthaphan revealed on Friday (March 21) that Thailand’s exports in February 2025 were valued at $26.707 billion, marking a 14% growth, continuing an eight-month expansion streak.

Imports for the month stood at $24.718 billion, growing by 4%, resulting in a trade surplus of $1.988 billion.

Exports are expected to continue expanding in March, driven by increased investment, as seen in the rising import of raw materials for export production.

For the first two months of 2025, exports grew by 13.8%.

Pichai stated that all sectors of Thailand’s economy are performing well. Last year, investment promotion applications reached 1.13 trillion baht, and many factories are nearing completion, preparing for production—particularly in the printed circuit board (PCB) industry.

According to the Board of Investment (BOI), investment promotion applications in the first two months of 2025 exceeded the same period last year.

Tourism saw 36 million visitors in 2024, with projections of 39–40 million for 2025.

February exports surge 14%, aiming for 3% growth for the year

Despite improving economic indicators, debt remains a key challenge. Pichai supports debt resolution initiatives to ensure stable growth, potentially reaching 5–6%.

Over the past five months, Thailand’s exports have shown consistent growth, averaging an 11.8% expansion rate.

"Thailand is a small, open economy that relies on exports. In the past, export figures were weak due to declining investment, but with investment now increasing, exports are expanding. If we can successfully address household and business debt issues, I believe Thailand’s economy has the potential to grow beyond 5% and achieve strong, sustainable long-term growth," said Pichai.

Poonpong Naiyanapakorn, Director of the Trade Policy and Strategy Office (TPSO), stated that the export growth in February was driven by a 3.9% expansion in agricultural and agro-industrial product exports.

Key products that saw growth included:

Rubber: +35.7%
Sugar: +25.8%
Fresh, chilled, frozen, and processed chicken: +9.3%
Wheat products and other prepared foods: +27.7%
Pet food: +14.4%
Canned and processed seafood: +22.5%

Meanwhile, key products that declined included:
Rice: -34.3%
Cassava products: -15.8%
Fresh, chilled, frozen, and dried fruits: -3.7%
Meat and meat-based preparations: -6.7%

Industrial product exports grew by 17.2%, with notable increases in:
Automobiles, equipment, and parts: +4.5%
Computers, accessories, and parts: +51.3%
Gems and jewellery (excluding gold): +106.3%
Rubber products: +16.9%
Air conditioners and parts: +32.8%
Machinery and parts: +21.5%
Printed circuit boards: +24.8%

However, some key industrial products contracted, including:
Steel and steel products: -13.2%
Telephones, accessories, and parts: -10.1%
Semiconductors, transistors, and diodes: -46.1%

For the first two months of 2025, industrial product exports grew by 17.1%.

Exports to major markets generally expanded, particularly to China, where growth accelerated due to the manufacturing sector’s recovery. Exports to South Asia continued to rise, driven by strong demand for gems and jewellery in India. Additionally, the US market saw increased imports due to concerns over potential future tariff measures.

"The Ministry of Commerce has set an export growth target of 2-3% for 2025. However, with exports averaging 13.8% growth in the first two months (January–February), full-year exports may exceed the 3% target," Poonpong said.

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