Thailand’s exports during 2024 were estimated at 10.5 trillion baht (US$ 300.5 billion), representing a year-on-year increase of 5.4%, against the projection of between 1-2%, according to the Office of Trade Policy and Strategy at the Commerce Ministry.


Office director, Poonpong Naiyanapakorn, said that exports of capital goods and raw materials of all segments to major markets increased, amidst uncertainties over future global trade policies.


On the other hand, total imports for the year increased 6.3% year-on-year, to about US$306.8 billion, resulting in a trade deficit amounting to $6.3 billion.


Thai main export increases were in para rubber, fresh, frozen and processed chicken, canned and processed seafood, fresh, dried and frozen fruits, animal feed, wheat products, other processed foods, tapioca products, canned and processed fruits. Exports which fell were rice and sugar.


The export of industrial goods grew by 5.9% last year. These included computers, accessories and spare parts, jewellery and decorations, machinery and parts, chemicals, air conditioners and accessories.


Export growth for this year has been projected at 2-3%, thanks to global economic growth, low interest and inflation rates, as well as the relocation of production bases by big businesses into Thailand and other ASEAN member countries and the promotion of Thai brand names.


Poonpong noted, however, that Thai exports are expected to face challenges posed by the uncertainty over future US trade policies, which will impact global trade, geo-political conflicts and currency exchange disruptions, adding that the Commerce Ministry and the Thai private sector are working closely to monitor the situation and to take steps to deal with the changes.

Value of Thailand’s exports rose 5.4% last year