Export growth: Thailand’s commerce ministry targets US$288 billion by 2024

The Commerce Ministry of Thailand has established an export growth goal for next year, aiming for an increase of 1.99%, which equates to approximately US$288 billion or 10 trillion baht. This information was shared by permanent commerce secretary, Keerati Rushchano, following a meeting attended by Commerce Minister Phumtham Wechayachai, other ministry heads and representatives from the private sector.

The gathering was held to discuss strategies for speeding up export and border trade activities for the rest of this year and through next year.

Keerati stated that the export growth prospects for next year would become more transparent once the ministry officially announces this year’s performance.

“Today’s discussions focused mainly on plans to expedite exports and border trade activities in the remaining months of this year and throughout 2024.

“The International Trade Promotion Department has already conducted 73 activities, generating export values of 11.4 billion baht this year. For the upcoming year, preparations are for 417 activities expected to generate revenue of 65.7 billion baht.”

Plans developed by the Foreign Trade Department to enhance cross-border trade and investment from next year to 2027 were also acknowledged during the meeting. The objective is to increase the value of cross-border and transit trade to 2 trillion baht by 2027.

Export growth strategies

Keerati noted that the export growth strategies include increasing the number of border checkpoints and launching one-stop service centres in more provinces, such as Sa Kaeo and Chanthaburi. This follows successful implementation in seven pilot provinces: Chiang Rai, Tak, Trat, Songkhla, Nong Khai, Nakhon Phanom and Mukdahan.

Commerce Minister Phumtham expressed the ministry’s intention to sustain export growth in the coming year, given the optimistic indicators and the potential resolution of the Israel-Hamas conflict in the near future.

Based on the ministry’s most recent data, exports saw a second consecutive month of increase in September, rising by 2.1% year-on-year to US$25.5 billion, while imports fell by 8.3% to US$23.4 billion. This resulted in a trade surplus of US$2.09 billion. However, for the first nine months of the year, export growth dipped by 3.8% to reach US$213 billion, with imports also dropping by 6% to US$219 billion, leading to a trade deficit of US$5.83 billion, reported Bangkok Post.

In related news, the International Trade Promotion Department inked a memorandum of understanding with Thai Airways International Plc and the Tourism Authority of Thailand. This collaboration is designed to promote Thai products, services and soft power, leveraging the strengths of each organisation to stimulate market export growth.