Thailand’s customs-cleared exports registered a significant 7.0% increase year-on-year in August, surpassing analysts’ projections, as reported by the commerce ministry on Wednesday. The growth exceeded the 5.8% forecast from a Reuters poll and followed July’s robust 15.2% surge.
Despite the appreciation of the baht, the Commerce Ministry remains optimistic about Thailand’s export performance in 2024, anticipating a 2% growth rate. In the same month, Thailand saw an 8.9% year-on-year increase in customs-cleared imports, which was higher than the 7.3% forecast in the Reuters poll.
Moreover, Thailand’s customs-cleared trade balance in August recorded a surplus of 0.26 billion dollars, in contrast to the anticipated deficit of 0.07 billion dollars in the Reuters poll. This positive trade balance indicates a favorable position for Thailand in managing its international trade activities and sets a promising trajectory for the country’s economic outlook amidst the challenges posed by the baht’s strengthening value.
