The Minister of Commerce revealed Thailand’s latest export figures for August 2023, showing a positive turnaround in the 11-month period for the first time after several consecutive months of negative export performance.
Mr. Kirati Ratchano, Permanent Secretary for Commerce, spoke about Thailand’s international trade in August, which rebounded in the 11-month period with a total value of 24.279 billion US dollars (824.938 billion Thai baht), representing a 2.6 percent increase.
This improvement was driven by signals of recovery in the global manufacturing sector compared to the previous month. Although still below normal levels, increased consumer spending and the expansion of services in Thailand’s trading partner countries had a positive impact on exports.
Moreover, clean energy policies and demand for technology products contributed to the expansion of Thailand’s industrial product categories.
This expansion, coupled with the depreciation of the Thai baht to an appropriate level, had a positive effect on exports, and key trading partners such as the United States, China, Japan, India, South Korea, Taiwan, Australia, Saudi Arabia, and South Africa contributed to the recovery.
Thailand’s exports outperformed several countries in the region this month, resulting in a trade surplus once again. In the first eight months of 2023, Thai exports contracted by 4.5 percent.
However, the ministry continues to monitor the remaining months of the year, from September to December 2023, and expects that overall Thai exports may continue to expand, albeit not significantly.
It is estimated that monthly exports will range from 22 to 24 billion US dollars on average, resulting in a contraction of about 1% in Thai exports for the whole year. (TNA)
