- Thailand posted an 8% year-on-year increase in exports in October, the fastest growth since June 2022.
- Growth in shipments of agricultural products and industrial goods.
- Amid mixed trade performance, Thailand faces export challenges and trade deficit in 2023.
Export growth in October
Thailand posted its fastest annual export growth since June 2022 in October, rising 8.0% year-on-year, although Reuters forecasts had predicted a 9.3% increase. The trade ministry points to a recovery in demand during the holiday season and the impact of China’s economic stimulus measures. It noted growth in shipments of agricultural products and industrial goods, with agricultural exports rising 12.3% and industrial goods up 5.4%. The rice market also experienced growth in both volume and value.
Forecasts and impact on foreign trade
Thailand’s Ministry of Commerce expects a slight decline in exports this year, with the prospect of improvement next year, despite an overall decline in the first ten months of 2023. Exports to the U.S. showed significant growth, and trade performance with Southeast Asia was also positive, while performance with Japan and China was mixed.
Higher-than-expected imports in October led to a trade deficit, which affected Thailand’s overall trade performance for the year.In the commodities market, it’s important to stay up to date. Foodcom S.A. can help you do just that -visit our blog to read our world news and subscribe to our newsletter.
