Exports Grow 4.2%, Strong Baht May Impact Q4 Orders
September, 30 2024
Cumulative exports for the first eight months of 2024 increased 4.2%, reaching a total value of $197.19 billion USD. Growth was mainly driven by rising demand for agricultural and agro-industrial products and lower logistics costs due to declining freight rates.
However, the Thai National Shippers’ Council (TNSC) expressed concerns that the strengthening Thai baht could affect orders in Q4, particularly from November to December.
August 2024 Export Data
- Exports: $26.18 billion USD (+7%) (939.52 billion THB)
- Imports: $25.92 billion USD (+8.9%) (941.02 billion THB)
- Trade Balance: $264.9 million USD surplus (1.49 billion THB deficit)
Key Positive Factors Driving Exports
- Easing inflation in several countries
- Monetary policy easing, boosting consumption and agricultural demand
- Lower shipping costs, reducing logistics expenses
- Recovery of key markets such as the EU, increasing demand for Thai goods
The Trade Policy and Strategy Office (TPSO) predicts continued export growth, supported by global inflation easing and stimulus policies in key markets like the U.S., China, and Europe.
Despite risks from geopolitical uncertainties and currency fluctuations, the Ministry of Commerce maintains its 2024 export growth target at 1-2%, which, if achieved, would mark the highest export value in Thai history.