November marks 5th consecutive month of export growth for Thailand

Thailand exported goods worth US$25.61 billion (874.84 billion baht) in November, marking an 8.2% increase compared to the previous month, the Trade Policy and Strategy Office (TPSO) said on Wednesday. 

TPSO director Poonpong Naiyanapakorn told the press that November was the fifth consecutive month to mark export growth. While excluding oil products, gold and armaments, the export value rose by 7% from the previous month. 

However, despite the growth in exports, Thailand faced a trade deficit of $224.4 million, with imports valued at $25.83 billion.

In the first 11 months of the year, the country’s total exports reached $275.76 billion, a 5.1% increase from 2023, Poonpong added. Imports, meanwhile, amounted to $282.03 billion, leading to a year-to-date trade deficit of $6.27 billion.

Industrial exports expanded by 9.5% in November, while agricultural and agro-industrial exports rose by 5.7%. Exports to key markets, including the US, China, the European Union, the CLMV group (Cambodia, Laos, Myanmar and Vietnam) as well as Japan and ASEAN, saw an 8.3% increase.

The TPSO forecasts exports for December to reach $24.3 billion, with a projected export growth of 5.2% this year, bringing the total to nearly $300 billion. This would be the highest since 2022, which saw exports of $287.4 billion. 

However, Poonpong said he expects a modest export growth of 2-3% in 2024 due to economic uncertainties stemming from escalating trade wars and ongoing geopolitical tensions. 

Chaicharn Charoensuk, president of the Thai National Shippers’ Council, said it was likely that Thailand could achieve a record export growth this year, but agreed that export growth in 2025 would be challenging due to several factors. These include a global economic slowdown, geopolitical conflicts, potential trade wars under the new US administration and tougher environmental regulations from major markets such as the EU.