Thailand’s exports reached $25.6 billion in November 2024, marking an 8.2% year-on-year increase, according to the Trade Policy and Strategy Office under the Ministry of Commerce. Imports for the month totaled $25.8 billion, a modest 0.9% rise, resulting in a trade deficit of $224.4 million.
From January to November 2024, total exports climbed to $275.8 billion, representing a 5.1% increase compared to the same period in 2023. Imports over the same period amounted to $282 billion, up 5.7%, leaving the nation with a trade deficit of $6.3 billion.
Technology exports were a key growth driver, with computers and related components experiencing a remarkable 40.8% rise, continuing an eight-month upward trend. Agricultural and food products also contributed significantly, with rubber exports increasing by 14.1% and fresh, frozen, and dried fruits growing by 44.8%.
Rice exports, however, saw a decline of 20.6%, breaking a six-month growth streak. The contraction was attributed to sufficient stock levels in major markets like the Philippines and Indonesia, coupled with increased competition from lower-cost exporters such as India.
Primary markets for Thai exports grew by 8.3%, while secondary markets expanded by 7.1%. Exports to other markets surged by 29%, indicating strong demand across diverse regions.
The Ministry of Commerce forecasts that exports will exceed 10 trillion baht in 2024, despite challenges such as geopolitical tensions, high interest rates, and currency fluctuations. Looking ahead, export growth for 2025 is projected at 2-3%, though risks remain, including potential impacts from U.S. trade policies and global economic slowdowns.
To bolster the export sector, the ministry has unveiled 10 strategic policies. These include promoting investment in high-potential industries, advancing free trade agreements, and exploring untapped markets. Enhanced cooperation between government agencies is also planned to address trade barriers and improve sector resilience.
The report was presented alongside officials from the Trade Policy and Strategy Office and other ministry representatives.
