Thailand Trade Trends October 2024

According to data released by Thailand’s Ministry of Commerce, the country's exports expanded by 14.6 per cent year on year in October 2024, while imports grew by 15.9 per cent.

The exports were driven by rising demand in the global market as key trading partners started to recover from inflationary pressures, while shipments of electronic and electrical appliances continued to expand due to cyclical trends and competitive pricing.

During the first then months of 2024, exports increased by 4.9 per and imports grew by 6.6 per cent.

Thailand exported the most to the United States, the European Union, China and Japan.

In its latest outlook, the International Monetary Fund estimated Thailand GDP growth rate to be 2.8 per cent in 2024 and 2.6 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.