Thailand’s exports surge to 19-month high in October

BANGKOK, Nov. 26 (Xinhua) — Thailand’s exports rose for a fourth straight month to a 19-month high in October, thanks to rising global demand for agricultural and food products and easing inflation in major export markets, official data showed on Tuesday.
The data, released by the Ministry of Commerce, also showed that imports rose 15.9 percent year-on-year to 28.01 billion U.S. dollars in October, resulting in a trade deficit of 794.4 million dollars.
Exports, a key driver of the Southeast Asian country’s economic growth, surged 14.6 percent last month from a year earlier to 27.22 billion dollars, jumping sharply from an increase of 1.1 percent in September.
The upswing was driven by the shipment of technology-related products, particularly computers, equipment and components, which increased substantially in tandem with the rapid advancement of digital technology, the ministry said in a statement.
Exports of agricultural products expanded 6.8 percent owing to robust growth in rubber and rice shipments, while agro-industrial goods grew 7.6 percent.
Industrial product shipments soared 18.7 percent, marking its seventh consecutive month of expansion, thanks to major increases in computer, air conditioning and machinery products.
For the first 10 months of 2024, exports climbed 4.9 percent to 250.39 billion dollars, while imports picked up 6.6 percent to 257.14 billion dollars, yielding a trade deficit of 6.75 billion dollars.
Thailand’s exports are expected to see significant growth in the final quarter of the year, said Poonpong Naiyanapakorn, director general of the ministry’s Trade Policy and Strategy Office.
The positive outlook is supported by the recovery of industrial sectors in major trading partners, eased global monetary policies, increased exports of agricultural and food products during the holiday season, as well as lower logistics costs due to falling shipping rates, Poonpong told a news conference.
The ministry maintains its target for exports to grow between 1 percent and 2 percent this year after the kingdom’s exports fell 1 percent in 2023. ■