Thailand's Ministry of Commerce announced that the country's exports have achieved a record-high value of US$301 billion in 2024, marking a 5.4% increase from the previous year.

This milestone highlights Thailand's economic resilience against a backdrop of global uncertainties.

In December 2024 alone, exports rose by 8.7% year-on-year, exceeding analysts' forecasts and continuing a six-month trend of expansion.

Imports for the month saw a 14.9% year-on-year increase, resulting in a trade deficit of $10.6 million.

Throughout 2024, imports reached $307 billion, representing a 6.3% rise from 2023, and culminating in an annual trade deficit of $6.28 billion.

Agricultural and agro-industrial exports, key components of Thailand's trade, grew by 6% to $52.2 billion.

Notable products driving this increase included rubber, cassava, chicken, and fruit.

However, rice exports faced a decline in December, although annual volumes rose by 13.4% to 9.95 million tonnes.

The industrial sector also displayed robust performance, with exports growing by 5.9% to $237 billion.

Key contributors included machinery, computer components, and chemicals.

Growth was noted in major markets such as the United States, China, Japan, and the European Union, while ASEAN markets saw a slight contraction.

The Ministry of Commerce projects a modest export growth of 2-3% in 2025, supported by favorable global economic conditions and strategic shifts in production bases to Southeast Asia.

Despite this optimism, challenges such as geopolitical tensions, US trade policies, and exchange rate volatility remain.

Poonpong Naiyanapakorn, Director-General of the Trade Policy and Strategy Office, emphasized continued collaboration with the private sector to develop comprehensive strategies for sustaining trade growth.

Additionally, Commerce Minister Pichai Naripthaphan plans a trip to the United States in February for discussions on tariffs for Thai exports.