Thailand is poised to achieve a historic milestone in its export performance in 2024, with total exports expected to hit $300 billion, reflecting a robust 5.2% year-on-year growth. Despite global economic uncertainties, the nation’s export sector has shown resilience and dynamism, driven by growth in key areas like technology, agriculture, and industrial goods.

Key Highlights

1. Historic Export High:
   Thailand’s projected export value of $300 billion for 2024 marks a significant milestone, underpinned by a consistent upward trajectory in export growth.
2. November 2024 Performance:
   • Exports reached $25.6 billion, an 8.2% increase year-on-year.
   • Growth excluding gold, oil products, and arms was 7%.
3. Growth Areas:
   • Technology Products: Computers and related equipment led the charge with a 40.8% increase in exports.
   • Agriculture: Agricultural and agro-industrial products saw a 5.7% increase, with standout growth in rubber (+14.1%), chicken (+12.0%), and fruits (+44.8%).
   • Industrial Products: Exports grew by 9.5%, with notable contributions from machinery (+16.7%) and automobiles (+4.8%).
4. Market Performance:
   • Strong demand from primary markets like the US, China, and the EU.
   • Growth in secondary markets, including South Asia and Australia.
5. Challenges:
   • Geopolitical tensions and an economic slowdown in the EU.
   • Rising production costs, emphasizing the need for cost reduction measures.
6. Trade Balance:
   • Imports rose by 0.9% year-on-year in November, leading to a trade deficit of $224 million.
   • For the first 11 months of 2024, exports grew by 5.1%, while imports increased by 5.7%, resulting in a trade deficit of $6.27 billion.

Export Performance Summary

Category	Growth Rate (YoY)	Key Products
Technology Products	+40.8%	Computers and related equipment
Agricultural Products	+5.7%	Rubber (+14.1%), Chicken (+12.0%), Fruits (+44.8%)
Industrial Products	+9.5%	Machinery (+16.7%), Automobiles (+4.8%)

Trade Balance

Metric	Value (November 2024)	Cumulative (Jan-Nov 2024)
Exports	$25.6 billion	Growth: +5.1%
Imports	+0.9% year-on-year	Growth: +5.7%
Trade Deficit	$224 million	$6.27 billion

Outlook

While Thailand’s export growth in 2024 has been impressive, maintaining this momentum will require addressing challenges like geopolitical risks and rising costs. Leveraging its strengths in technology, agriculture, and industrial manufacturing, coupled with strategic market diversification, will be crucial for sustaining growth in the years ahead.

This historic achievement underscores Thailand’s growing prominence in the global trade arena and its adaptability in navigating a dynamic international landscape.