Thai export extravaganza: Gold rush as figures set at US$290bn

In a dazzling economic twist, Thai exports are on track to shatter the 2% growth target, soaring to an unprecedented US$290 billion this year. Poonpong Naiyanapakorn, the Trade Policy and Strategy Office (TPSO) chief, credits the surge to booming demand for all things agricultural, food-related, and electronic, thanks to the economic bounce-back in powerhouses like the United States and European Union.

September figures are already shining, with export values jumping 1.1% to US$25.9 billion, while imports shot up 9.9% to US$25.5 billion. The result? A handy trade surplus of US$394 million, marking a two-month winning streak.

Year-to-date, exports have climbed 3.9%, hitting US$223 billion, although imports aren’t far behind at US$229 billion, leaving a trade deficit of US$5.96 billion trailing in their wake.

Agricultural goodies are taking the cake with a 3.5% year-on-year hike. While the likes of rice, rubber, and processed chicken are flying off the shelves, fresh fruits and veggies are seeing a dip. Nevertheless, agri-exports are still up a solid 5.4% over the past nine months.

On the industrial front, a 2% boost year-on-year is down to soaring shipments of computers, rubber products, and air conditioners. Sadly, the auto industry and gems and jewellery are feeling the pinch. Yet, industrial exports have climbed 3.8% so far this year, said an optimistic Poonpong.

“If the value of exports averages US$22.5 billion per month, we’ll hit a new peak of US$290 billion, eclipsing last year’s record of US$287 billion.”

Looking to 2024, the Ministry of Commerce is confident despite looming challenges like US elections, geopolitical rumbles, a stubbornly strong baht, and hiccups in China’s economic recovery, reported Bangkok Post.

Echoing this upbeat forecast, Chaichan Charoensuk, chairman of the Thai National Shippers’ Council, is betting on a 2% export rise to a whopping US$290 billion (10 trillion baht) this year.

“The baht’s appreciation to 33.5-33.8 against the dollar isn’t fazing us. If it weakens to 33-34 baht or beyond, it’ll give exports an extra kick, a trend that could roll into early 2025.”