BANGKOK, Thailand – Thailand’s exports reached 25.6 billion US dollars in November, an 8.2% year-on-year increase, according to the Trade Policy and Strategy Office under the Ministry of Commerce. Imports for the month totaled 25.8 billion dollars, a modest rise of 0.9%, resulting in a trade deficit of 224.4 million dollars.
From January to November 2024, exports amounted to 275.8 billion dollars, marking a 5.1% increase compared to the same period last year. Imports during this period totaled 282 billion dollars, up 5.7%, leaving a trade deficit of 6.3 billion dollars.
The export sector’s growth was largely driven by technology products, particularly computers and components, which recorded a 40.8% increase over an eight-month upward trend. Agricultural and food exports also performed well, with rubber growing by 14.1% and fresh, frozen, and dried fruits expanding by an impressive 44.8%.
However, rice exports declined by 20.6%, marking the first contraction in six months. This drop was attributed to sufficient stockpiles in major markets like the Philippines and Indonesia, as well as increased competition from lower-priced exporters such as India.
Despite challenges, exports to primary markets grew by 8.3%, secondary markets by 7.1%, and other markets by 29%, reflecting robust demand across various regions.
The Ministry of Commerce anticipates record-high exports exceeding 10 trillion baht in 2024, despite ongoing challenges such as geopolitical uncertainties, high interest rates, and currency fluctuations. For 2025, export growth is projected at 2-3%. However, risks remain, including the impact of U.S. trade policies, global trade slowdowns, and persistent geopolitical tensions.
To sustain growth, the ministry has outlined 10 strategic export policies. Key measures include promoting investment in future industries, accelerating free trade agreements, and exploring new markets. Enhanced inter-agency collaboration is also planned to address trade barriers and strengthen the resilience of Thailand’s export sector. (NNT)
