Thailand Trade Trends August 2024

According to data released by Thailand’s Ministry of Commerce, the country's exports expanded by 7 per cent year on year to USD 26.2 billion in August 2024, while imports grew by 8.9 per cent to USD 25.9 billion.

During the first eight months of 2024, exports increased by 4.2 per cent to USD 197 billion and imports grew by 5.2 per cent to USD 203 billion.

Industrial product shipments rose by 5.2 per cent, marking the fifth consecutive month of growth, driven by significant increases in computer, machinery, telephone, and air conditioning products.

For August, shipments to the United States rose 3 per cent from a year earlier, while exports to China was up 6.7 per cent but those to Japan were down 11.3 per cent.

In its latest outlook, the International Monetary Fund estimated Thailand GDP growth rate to be 5 per cent in 2024 and 2.9 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.