Thailand’s exports in October surpassed analyst predictions, and the pace of growth was the highest in three months. The commerce ministry expects a robust growth in Q4 2024 to outpace the full-year target.
In October, exports, a significant factor in the economy of Southeast Asia’s second-largest country, increased by 14.6% year-on-year, dramatically topping the predicted 5.2% rise in a Reuters survey. This follows a 1.1% increase in September.
Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, believes that exports will see substantial growth in Q4 2024 and anticipates an annual increase of 4%, outperforming the ministry’s 2% target.
Although global trade fears have arisen in relation to U.S. President-elect Donald Trump’s tariff threats, Poonpong stated he was not worried about potential US action on nations with whom it has trade deficits, including Thailand. He believes that such measures would apply universally, and not just to Thailand, and revealed plans for the commerce minister to discuss these issues with U.S. officials next year.
Moreover, Thailand’s exports to the U.S. – its top market – soared by 25.3% year-on-year in October, while shipments to China and Japan rose by 8.5% and 7% respectively. The surge in exports was largely driven by significant growth in technology-related products, particularly computer equipment and related components.
