Thailand’s August exports surge 7% due to climate change
Rise in exports of agricultural and other food products in August due to changes in climate in other parts of the world
Drought and floods in several countries have driven up the demand for Thai agricultural products, resulting in a significant surge in exports in August, the Commerce Ministry said on Wednesday.
Poonpong Naiyanapakorn, director of the ministry’s Trade Policy and Strategy Office (TPSO), said exports in August alone were worth US$26.18 billion (855.48 billion baht), expanding 7% year on year, or 6.6% YoY excluding oil, gold and weapons.
Imports in August grew 8.9% YoY to $25.91 billion (846.73 billion baht), marking a trade surplus of $264 million (8.62 billion baht).
Poonpong said factors contributing to the increase in August exports include the changing climate in several countries and the recovery of the service sector in key markets, which drove up the demand for food and agricultural products.
He pointed out that exports of Thai agricultural products grew 17.5% year on year, while agro-industrial products jumped 17.1%. Products that saw significant growth in August included fresh and frozen fruits, rice, rubber, canned and processed seafood, pet food, and oil and fat from animals and vegetables.
Products that saw contracting exports were tapioca, sugar, fresh and frozen chicken, and canned and processed vegetables.
In the first eight months of 2024, Thailand’s exports grew to $197.17 billion (6.44 trillion baht), expanding 4.2% year on year, while imports totalled $203.54 billion (6.65 trillion baht), increasing 5%. This gave Thailand a trade deficit of $6.35 billion or 207.55 billion baht.
Poonpong said the TPSO is confident that total exports this year will meet the target of expanding 1-2% year on year, mostly due to the recovery of trade partners’ economies, notably the United States.
He added that the office would not adjust this year’s target due to the recent strengthening of the baht, as the impact would likely be more visible early next year.
“The ministry will continue monitoring the global situation, and will adjust the trade strategy as needed to maximise the potential of Thailand’s export sector, which is a main contributor to our economy,” Poonpong said.
