Thai Exports Grow 8.2% in November 2024, Expected to Reach 5.2% for the Year, Setting a New Record
December, 27 2024
The Office of Trade Policy and Strategy (OTPS) reported that Thailand’s exports in November 2024 continued to grow for the fifth consecutive month at a rate of 8.2%, reaching a total value of USD 25.6082 billion. Even after excluding oil, gold, and strategic goods, export growth remained strong at 7.0%.
A key driving force behind this growth was the digital goods sector, particularly computers and related components, which performed well in response to global demand amid the digital transformation era. Additionally, the agriculture and food sectors continued to be major contributors to export expansion.
11-Month Performance on Track, 2024 Full-Year Export Growth Expected at 5.2%
In the first 11 months of 2024, Thailand’s exports expanded by 5.1%. When excluding oil, gold, and strategic goods, the growth remained at 4.9%. OTPS stated that if exports in December reach the target of USD 24.3 billion, total exports for the year will expand by 5.2%, setting a new high after 2023, which saw a 5.7% increase.
This growth reflects the competitiveness of Thai exports in the global market despite challenges from global economic volatility.
Strong Growth in Agricultural and Agro-Industrial Exports
Agricultural and agro-industrial products have shown continuous growth for five months, expanding by 5.7% year-over-year (YOY). The key products driving this growth include:
- Rubber: Expanded by 14.1% for 13 consecutive months, with major markets including Japan, Malaysia, the U.S., and South Korea.
- Fresh, Chilled, and Processed Fruits: Grew by 44.8% after rebounding, with key markets being China, Vietnam, and Indonesia.
- Fresh, Chilled, Frozen, and Processed Chicken: Increased by 12.0%, particularly in Japan, the U.K., and China.
However, some products, such as rice (-20.6%) and sugar (-23.3%), continued to experience contraction in major markets.
Strong Industrial Exports, Highlighting Technology Sector Growth
Industrial exports grew by 9.5% YOY for eight consecutive months. The key products driving this growth include:
- Computers and Components: Increased by 40.8% for eight consecutive months, with key markets in the U.S., China, and Germany.
- Rubber Products: Expanded by 24.8% for five consecutive months, with major markets being the U.S., China, and Japan.
- Automobiles and Parts: Grew by 4.8% following a recovery in the U.S., Japan, and Mexico.
Despite some contractions in products like internal combustion engines (-34.3%) and semiconductor devices (-71.5%), the industrial sector continues to demonstrate strong potential.
Outlook for 2025: Growth Amid Challenges
For 2025, OTPS forecasts Thai export growth to be in the range of 2-3%, despite challenges such as U.S. trade barriers, exchange rate volatility, and a potential slowdown in global trade.
The Ministry of Commerce has developed a 10-point strategic plan, including expanding into new markets, promoting Free Trade Agreements (FTAs), and supporting future industries to ensure long-term export stability and enhanced competitiveness.