The Ministry of Commerce reported that Thailand’s exports in September 2024 grew by 1.1% year-on-year (YoY), falling short of the market’s expectation of a 3.3% YoY increase. Here’s a closer look at the performance across various sectors:
Agricultural Products: This sector remained stable with a slight increase of 0.2% YoY. Notably, rubber exports saw a robust growth for the 11th consecutive month, soaring by 47.4% YoY.
Agro-industrial Products: There was a steady expansion for the third consecutive month, with a growth rate of 7.8% YoY. Pet food exports performed exceptionally well, growing for 12 straight months at 21.5% YoY, while canned seafood exports grew for three consecutive months at 15.6% YoY.
Industrial Products: This sector experienced growth for six consecutive months, achieving a 2.0% YoY increase. Noteworthy contributors to this growth included computers, air conditioners, rubber products, machinery, and chemicals.
Overall, while there is a trend toward a slowdown in exports over the next one to two months due to higher comparative base levels, certain agricultural and agro-industrial products continue to exhibit standout growth. This trend is seen as a positive sentiment for companies like STA, TEGH, NER, ITC, AAI, TU, and TC which are listed in the Thai stock market.
Specifically, the consistent growth in rubber exports in September would bode well for companies like STA, TEGH, and NER. The promising outlook for rubber earnings in the third quarter of 2024 is expected to grow both QoQ and YoY.
Meanwhile, other notable growth such as pet food and canned seafood should reflect a positive trend for ITC, AAI and TC.
