Krungsri Securities (KSS) noted that Thailand’s export numbers for July surged by 15.2%, surpassing market’s forecasts of a 7% rise. This marked a significant improvement from June’s 0.3% decrease.
In July, customs-cleared imports exhibited a notable increase, with a 13.1% year-on-year rise, while the trade balance recorded a deficit of $1,370 million, from the previous figure of $220 million.
In July 2024, notable export categories included:
- Rice exports, rising for two consecutive months with a 15.6% increase compared to the prior year. Companies benefitting from this growth include CPALL and CPAXT.
- Rubber exports, rising for nine consecutive months with a 55.4% increase year-on-year. Companies benefitting include NER, STA, and DOHOME.
- Processed chicken exports, rising for five consecutive months with a 13% year-on-year increase. Companies benefitting include GFPT, CPF, and FM.
- Animal feed exports, rising for ten consecutive months with a 26.6% year-on-year increase. Companies benefitting include AAI and ITC.
- Canned seafood exports, rising for three consecutive months with a 20.4% increase compared to the same period last year. The increase sent a positive sentiment for TU.
In addition, the analyst highlighted that Switzerland, Southern Asia, the United States, Canada, and ASEAN markets all experienced growth. The trade balance deficit of $1,370 million in Thailand was viewed positively, as it contributed to the sentiment of the Thai baht against the US dollar that has weakened to THB34.0 per dollar.
