Thailand Trade Trends September 2024

According to data released by Thailand’s Ministry of Commerce, the country's exports expanded by 1.1 per cent year on year to USD 26 billion in September 2024, while imports grew by 9.9 per cent to USD 25 billion.

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 nine months of 2024, exports increased by 3.9 per cent to USD 223 billion and imports grew by 5.5 per cent to USD 229 billion, leading to a trade deficit of USD 5.9 billion.

Industrial product shipments rose by 2 per cent, marking the sixth consecutive month of growth, driven by significant increases in computer, machinery, rubber products, and air conditioners parts.

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.