Thailand's Exports Surge 14% in February, Defying Expectations
Commerce Minister reports sharp increase in trade amid global uncertainties
Thailand's exports experienced a notable increase in February, rising 14% year-on-year to reach $26.707 billion, marking eight consecutive months of growth, as reported by the Ministry of Commerce.
This surge surpassed earlier forecasts, which estimated a 9.7% increase.
January's export figure had already shown a solid growth of 13.6%.
Commerce Minister Pichai Naripthaphan expressed satisfaction with the performance, indicating that exports could see a 10% growth in the first quarter of 2025, driven by steady trade and investment flows and ongoing free trade negotiations.
In 2024, Thai exports had totaled a record $301 billion, reflecting a growth rate of 5.4%, while the ministry projects an increase of 2% to 3% for the current year.
Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, noted that agricultural product exports are expected to rebound positively in the coming quarters.
He emphasized that there had been no adverse impact from US trade policy in the early months of the year, as exports surged by 13.8% during January and February combined.
The Ministry of Commerce is closely monitoring global trade dynamics while also taking steps to address the significant trade surplus with the United States, which stood at $35.4 billion last year.
Discussions with the private sector have been initiated, and negotiations with US officials are anticipated to take place, focusing on various trade and investment issues.
In February, exports to the US, Thailand's largest market, increased by 18.3%, while shipments to China rose significantly by 22.4%.
Meanwhile, rice exports experienced a sharp decline, falling by 33.1% annually, with the total expected to be 7.5 million tonnes for 2025, down from 9.95 million tonnes in 2024. This decline is attributed to India resuming its rice exports.
Imports for February rose by 4%, translating to $24.718 billion, resulting in a trade surplus of $1.988 billion, which exceeded predictions of a $0.7 billion surplus.
The solid performance in exports is attributed to various sectors, including substantial growth in agricultural and industrial products.
Notable individual export achievements include rubber exports up by 35.7%, sugar at 25.8%, and a remarkable 106.3% increase in gem and jewelry exports, excluding gold.
While several industrial products also saw healthy growth, some segments faced contraction, such as steel products and semiconductors.
Overall, the first two months of 2025 saw export growth averaging 13.8%, prompting optimism about achieving or surpassing the Ministry's export growth target of 2-3% for the year.
In addition, Thailand's tourism sector reported 36 million visitors in 2024, with projections reaching 39 to 40 million for 2025. The continued positive economic indicators suggest ongoing opportunities for Thailand's trade and investment landscape.
This surge surpassed earlier forecasts, which estimated a 9.7% increase.
January's export figure had already shown a solid growth of 13.6%.
Commerce Minister Pichai Naripthaphan expressed satisfaction with the performance, indicating that exports could see a 10% growth in the first quarter of 2025, driven by steady trade and investment flows and ongoing free trade negotiations.
In 2024, Thai exports had totaled a record $301 billion, reflecting a growth rate of 5.4%, while the ministry projects an increase of 2% to 3% for the current year.
Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, noted that agricultural product exports are expected to rebound positively in the coming quarters.
He emphasized that there had been no adverse impact from US trade policy in the early months of the year, as exports surged by 13.8% during January and February combined.
The Ministry of Commerce is closely monitoring global trade dynamics while also taking steps to address the significant trade surplus with the United States, which stood at $35.4 billion last year.
Discussions with the private sector have been initiated, and negotiations with US officials are anticipated to take place, focusing on various trade and investment issues.
In February, exports to the US, Thailand's largest market, increased by 18.3%, while shipments to China rose significantly by 22.4%.
Meanwhile, rice exports experienced a sharp decline, falling by 33.1% annually, with the total expected to be 7.5 million tonnes for 2025, down from 9.95 million tonnes in 2024. This decline is attributed to India resuming its rice exports.
Imports for February rose by 4%, translating to $24.718 billion, resulting in a trade surplus of $1.988 billion, which exceeded predictions of a $0.7 billion surplus.
The solid performance in exports is attributed to various sectors, including substantial growth in agricultural and industrial products.
Notable individual export achievements include rubber exports up by 35.7%, sugar at 25.8%, and a remarkable 106.3% increase in gem and jewelry exports, excluding gold.
While several industrial products also saw healthy growth, some segments faced contraction, such as steel products and semiconductors.
Overall, the first two months of 2025 saw export growth averaging 13.8%, prompting optimism about achieving or surpassing the Ministry's export growth target of 2-3% for the year.
In addition, Thailand's tourism sector reported 36 million visitors in 2024, with projections reaching 39 to 40 million for 2025. The continued positive economic indicators suggest ongoing opportunities for Thailand's trade and investment landscape.
