Nov 26 2024: Thailand’s exports in October grew at their fastest rate in three months, exceeding analysts’ expectations and signaling that the country is on track to surpass its 2024 export target.
The commerce ministry reported a 14.6% year-on-year increase in exports for October, significantly outperforming the forecasted 5.2% rise in a Reuters poll. This followed a more modest 1.1% increase in September.
Looking ahead, the ministry anticipates strong growth in the final quarter of 2024, projecting a 4% rise in exports for the year, surpassing its original target of 2%. Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, confirmed that although the target has not been adjusted, it will likely be exceeded.
Exports for the first 10 months of 2024 have risen 4.9% compared to the same period in 2023.
The ministry attributes this positive trend to a recovery in industrial sectors of key trading partners, easing global monetary policies, strong demand for agricultural and food exports during the holiday season, and reduced logistics costs.
Poonpong expressed confidence that potential trade actions by the United States against countries with trade deficits, including Thailand, would not have a significant impact. He emphasized that such actions would apply to all countries and not just Thailand, and that the government is prepared for any developments.
Thailand plans to engage in discussions with U.S. officials next year to address these concerns. The country remains optimistic, as U.S. companies based in Thailand stand to benefit from continued exports to the United States.
In October, exports to the U.S., Thailand’s largest market, surged by 25.3% year-on-year, while shipments to China and Japan grew by 8.5% and 7%, respectively.
A significant driver of the export growth was the strong performance in technology-related products, particularly computers, equipment, and components.
Imports also rose in October, increasing by 15.9% from a year earlier, resulting in a trade deficit of $0.79 billion for the month.
