National —
On August 28th, 2024, Mr. Poonpong Naiyanapakorn, the director-general of the Trade Policy and Strategy Office (TPSO), reported on Thailand’s international trade situation for July 2024.
Thai exports showed a strong recovery, valued at 25.72 billion US dollars, marking a 15.2% growth—the highest rate in 28 months since March 2022. Excluding oil, gold, and military-related goods, exports grew by 9.3%, driven by global inflation cooling, which boosted consumer purchasing power.
Increased employment and wage adjustments in key trading partners, particularly in Europe, also contributed to the recovery, benefiting Thai exports. Major markets like the U.S., China, ASEAN, and the EU rebounded well, aligning with the International Monetary Fund (IMF) forecasts, which predict positive global economic trends driven by China and Europe.
Key export markets saw solid growth, with a 16.2% increase in major markets such as the U.S., EU, and CLMV. Exports to China and ASEAN grew by 9.9% and 17.8%, respectively, while Japan saw a 2.5% decline. Secondary markets grew by 4.6%, with notable increases in South Asia and the UK.
Looking ahead, the Thai Ministry of Commerce expects Thai exports to recover gradually, supported by improving global economic conditions and the growth of the digital economy, remarked Poonpong.
However, geopolitical tensions, competition from new innovations, and uncertainties in global economic policies post-elections remain risks. The Ministry maintains its export growth target for 2024 at 1-2%, according to Poonpong.
This article originally appeared on our sister website The Pattaya News.
