Trade/Thai exports

Editorial staff

Thailand's exports in December 2024 reached a value of US$ 24.76 billion (853,305 million baht), marking a continuous growth for the sixth consecutive month at a rate of 8.7 %.

Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office (TPSO), said Thailand's exports in December 2024 reached a value of US$ 24.76 billion (853,305 million baht), marking a continuous growth for the sixth consecutive month at a rate of 8.7%.

Thai exports of the real sector (excluding gold, oil-related products, and weaponry) increased by 10.4 %. Overall, exports for 2024 reached a record high, with exports in US dollar terms surpassing US$ 300 billion for the first time.

Poonpong Naiyanapakorn

Similarly, exports in Thai baht exceeded 10 trillion baht for the first time. The growth in December's exports was supported by the export of capital goods and raw materials across all categories, as well as expansion in nearly all key export markets. This occurred amid concerns about global trade policy uncertainties in the near future, particularly with the anticipation of changes in tax policies under President Donald Trump, prompting accelerated imports for preparedness.

Exports grew by 5.4 % in 2024

Thai exports in December 2024 increased by 8.7 % to US$ 24.76 billion, while imports increased by 14.9 % to US$ 24.77 billion, resulting in a trade deficit of US$ 10.6 million. For the entire year of 2024, Thai exports increased by 5.4 % to US$ 300.52 billion, while imports increased by 6.3 % to US$ 306.80 billion, resulting in a trade deficit of US$ 6.28 billion.

Thai exports of agricultural and agro-industrial products grew by 8.9 % (YoY). Agricultural products increased by 10.7 %, while agro-industrial products expanded by 6.7 %. Thai exports of industrial products grew by 11.1 % (YoY).

Export markets

• Exports to primary markets increased by 12 %. The markets that saw growth included the US (+17.5%), China (+15 %), the EU (27) (+19.1%), CLMV (+20.7%), and Japan (+0.6%). However, exports to ASEAN (5) decreased by 0.6%.

• Exports to secondary markets increased by 6.2 %. Growth was recorded in South Asia (+44.5%), the Middle East (+11.3%), Africa (+8.7%), Latin America (+12.3%), Russia and CIS (+37.0%), and the UK (+37.4%). In contrast, exports to Australia declined by 15.5%.

• Exports to other markets decreased by 65.3 %.

Export prospects

Regarding the export outlook of 2025, the Ministry of Commerce expected that Thailand's exports in 2025 will grow by 2 – 3 %. This growth is supported by factors such as the global economy, which is anticipated to maintain its current growth levels, low inflation and interest rates, increased relocation of production bases to ASEAN countries, including Thailand, and efforts to promote Thailand's soft power by integrating it with export products to create a unique global identity.

However, there are challenges stemming from the uncertainty of U.S. trade policies, which affect the global trade environment, prolonged geopolitical tensions, and fluctuations in exchange rates.

The ministry is closely monitoring the situation and working with the private sector and related agencies to prepare for ongoing changes to ensure sustainable growth in Thailand's trade.