Thailand’s exports, as declared by customs, demonstrated a notable increase of 15.2% in July compared to the same period last year, exceeding the predictions of analysts, according to the commerce ministry’s announcement on Tuesday.
This growth beat a projected 6.0% rise forecasted in a Reuters poll for July and followed a slight decline of 0.3% in June.
The customs-cleared imports for Thailand in July also showed a significant uptick, registering a 13.1% year-on-year increase, compared to the 2.8% forecasted in the Reuters poll. Consequently, Thailand’s trade balance in July stood at a deficit of 1.37 billion dollars, surpassing the estimated deficit of 0.52 billion dollars in the Reuters poll.
The commerce ministry anticipates a gradual recovery in Thailand’s exports for 2024, with the growth target for the year expected to range between 1% to 2%, as indicated by the ministry.
The head of the Trade Policy and Strategy Office at the ministry, Poonpong Naiyanapakorn, stated in a press briefing that an appreciating baht currency could impact exports in August.
In July, exports to the United States surged by 26.3% from the previous year, while exports to China recorded a 9.9% increase. However, shipments to Japan experienced a decline of 2.5%, according to the ministry’s data.
During the same period, exports of agro-industrial products saw an 8.7% rise year-on-year, whereas rice export volumes decreased by 0.3% to 604,000 metric tons, as outlined in a statement by the ministry.
