Thailand’s exports surge 4.9% in Nov, projected to cross pre-Covid levels in 2024
Thailand’s exports rose by 4.9% in November compared to the same period last year, marking the fourth consecutive month of growth, the Commerce Ministry said recently.
Data shared by the ministry suggests a positive trend towards a return to pre-pandemic levels, with an estimated growth of 1.99% projected for 2024.
In November, Thai exports reached US$23.48 billion (847.49 billion baht), reflecting a 4.9% growth over the same period in the previous year, excluding oil, gold and weapons.
Concurrently, imports in November stood at $25.88 billion, indicating a 10.1% growth and resulting in a trade deficit of $2.4 billion.
Keerati Ratchano, the Commerce Ministry’s permanent secretary, said the sustained expansion of Thai exports signifies recovery amid slowing inflation rate, hinting at a potential return to pre-pandemic levels in the coming year.
The positive trend is further fuelled by several countries signalling a halt to interest rate hikes, subsequently boosting consumer confidence.
Notably, all export categories, particularly agricultural products, have demonstrated growth, outpacing other sectors.
Industrial goods, in tandem with the recovery cycle of electronic products, have shown continuous growth, augmented by early spending ahead of yearend festivities.
This has prompted entrepreneurs globally to expedite imports to meet the heightened demand.
Meanwhile, the overall performance for the first 11 months witnessed exports valued at $261.77 billion, marking a 1.5% contraction, and imports at $267.93 billion, resulting in a trade deficit of $6.16 billion.
The Commerce Ministry believes Thai exports will surpass pre-pandemic levels amid a global economic slowdown this year. Looking ahead to 2024, the ministry foresees a rebound in exports aligned with the global economic recovery, projecting a growth rate of 1.99%, equivalent to about 10 trillion baht in export value, Keerati said.
