Thailand's export sector is expected to hit a record high of $290 billion in 2024, surpassing the previous target of 2% growth.

According to Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office (TPSO), this growth is fueled by demand for key export products, including agricultural goods, food items, and electronic and electrical appliances.

The economic recovery of major trading partners like the US and the European Union has further supported this upwards trend.

In September 2024, export values increased by 1.1% to $25.9 billion, while imports rose by 9.9% to $25.5 billion, culminating in a $394 million trade surplus.

Over the first nine months of 2024, exports surged by 3.9% to $223 billion, compared to imports which increased by 5.5% to $229 billion, resulting in a trade deficit of $5.96 billion.

The agricultural and agro-industrial sectors alone experienced a 3.5% growth year-on-year, with notable products like rice, rubber, and processed seafood driving the increase.

However, some products, such as fresh fruits and tapioca, saw a decline.

Industrial product exports showed a 2% growth, with computers, chemicals, and air conditioners leading the way, despite a decrease in the automotive sector, gems, and jewellery.

Looking forward, the Ministry of Commerce anticipates continued export growth through the final quarter of 2024, despite challenges such as US elections, geopolitical tensions, and economic concerns in China.

Chaichan Charoensuk, chair of the Thai National Shippers' Council, projects a 2% increase in exports to $290 billion (10 trillion baht), citing that even if the baht appreciates, export conditions remain manageable.

A potential depreciation of the baht could further positively impact exports into the first quarter of 2025.