BANGKOK — Thailand Commerce Ministry reveals September exports valued at 25,983.2 million USD, up 1.1%, marking three consecutive months of growth due to increased agricultural and industrial exports. Expects good growth in final quarter to meet 2% annual target.
On October 28, Poonpong Naiyanapakorn, Director of the Trade Policy and Strategy Office (TPSO), Ministry of Commerce, announced that September 2024 exports reached 25,983.2 million USD, increasing by 1.1% – the third consecutive month of positive growth. In Thai Baht terms, this equals 889,074 million Baht.
Imports valued at 25,589 million USD, up 9.9%, equivalent to 886,336 million Baht, resulting in a trade surplus of 394.2 million USD or 2,738 million Baht.
For the first 9 months of 2024 (Jan-Sep):
Exports: 223,176 million USD, up 3.9% (7,957,895 million Baht)
Imports: 229,132.8 million USD, up 5.5% (8,264,589 million Baht)
Trade deficit: 5,956.8 million USD
The export growth was driven by agricultural and agro-industrial products, which increased by 3.5%, with agricultural products rising by 0.2% and agro-industrial products growing by 7.8%. Key products showing expansion include rice, rubber, canned and processed seafood, pet food, processed chicken, and plant and animal fats and oils.
Meanwhile, products that contracted include fresh, chilled, frozen, and dried fruits, tapioca products, sugar, fresh/chilled/frozen chicken, and canned and processed vegetables. For the first 9 months of 2024, agricultural and agro-industrial exports increased by 5.4%.
Industrial exports increased by 2%, with key growing products including computers, equipment and parts, machinery and parts, and air conditioners and parts. Meanwhile, major products showing decline include automobiles, equipment and parts, gems and jewelry, plastic pellets, iron, steel and products, and internal combustion piston engines and parts. For the first 9 months of 2024, industrial exports increased by 3.8%.
Key export markets mostly showed expansion, with major markets growing by 2.6%:
United States: +18.1%
European Union (27): +4.1%
CLMV: +8.3%
China: -7.8%
Japan: -5.5%
ASEAN (5): -6.7%
Secondary markets increased by 1.3%:
Australia: +12%
Middle East: +3.5%
Africa: +1.6%
Latin America: +15%
United Kingdom: +29.3%
South Asia: -1.6%
Russia and CIS: -9.8%
Other markets: +39.3%
Export trends for the remaining three months (October, November, and December) are expected to show continued growth, despite facing several challenges including: U.S. elections, geopolitical issues, strong baht appreciation. flooding impacts on agricultural production, and changes in India’s rice export policy that may affect Thai rice exports.
The TPSO Director stated that if exports average 22,533 million USD monthly in the final quarter, annual growth will reach 2% with total value of 290,000 million USD, setting a new record after 2023’s 287,000 million USD.
Earlier, the Ministry of Commerce has reported that in the first eight months of 2024 (January-August) Thailand’s agricultural products exports globally expanded 8% year on year, valued at US$19,826 million. The exports to the Free Trade Area (FTA) partners amounted to US$12.7 billion (430 billion baht), making Thailand the largest exporter of agricultural products in the ASEAN region and eighth globally.
Major importers include China, ASEAN countries, Japan, and South Korea. In August, the top five agricultural exports from Thailand were fresh and frozen fruit (US$604 million), rice (US$562 million), rubber (US$497 million), chicken (US$392 million), and cassava products (US$260 million).
The Government is reducing obstacles and improving conditions to help Thai exporters do more business. It is anticipated that the country could climb to the fifth-largest agricultural exporter globally.
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