The growth of Thai exports rebounded to 2.6 % in August 2023

Editorial Staff

The growth of Thai exports rebounded to 2.6 % in August 2023, expanding over the past 11 months to 24,279.6 million USD (824.93 billion baht), while Thai exports of real sector (excluding gold, oil-related products, and weaponry) grew by 3.9 %.

Thai exports in August 2023 increased by 2.6 % to 24,279.6 million USD while imports decreased by 12.8 % to 23,919.7 million USD, resulting in a trade surplus of 359.9 million USD.

Commerce Ministry’s permanent secretary Keerati Rushchano said this growth was supported by improved signals from the global manufacturing sector compared to the previous month, although it remained below normal levels. Consumer spending adjusted positively, in line with the service sector of trading partners that was expanding.

This had a favorable impact on related exports, along with the promotion of clean energy policies and the demand for technological products. These factors led to the expansion of the industrial products once again. The relative depreciation of the Thai baht at an appropriate level also had a positively influence on exports.

Key trading partners, including the United States, China, Japan, India, South Korea, Taiwan, Australia, Saudi Arabia, and South Africa, all showed significant signs of recovery. Thailand's exports in August outperformed many countries in the region and achieved a trade surplus once more.

For the first eight months of 2023, Thai exports decreased by 4.5 % while exports of real sector (excluding gold, oil-related products, and weaponry) decreased by 1.5 %.
For the first eight months, Thai exports decreased by 4.5 % to 187.59 billion USD while imports decreased by 5.7 % to 195.51 billion USD, resulting in a trade deficit of 7.92 billion USD.

Regarding the export outlook, the ministry assesses that in the remaining months of the year 2023, there will be a gradual recovery in exports. Several trends and factors contribute to this assessment including: (1) products related to the mega-trends in clean energy and digital technology are expected to expand well; (2) the demand for agricultural and food products, which are potential strengths of Thailand, continues to grow steadily; and (3) towards the end of the year, there is a trend of increased export value due to orders related to celebrations and festivals in trading partner countries. Overall, the export market is showing signs of recovery, particularly in major markets such as the United States, China, and Japan.