Thailand’s exports in March 2024 decreased by 10.9% due to global economic volatility and geopolitical tensions. Agricultural products like rice and rubber saw increases, while industrial products declined. Trade negotiations with Hong Kong and the Republic of Korea aim to boost Thai exports.
March 2024 Exports Overview
In March 2024, Thailand’s exports totaled 24,960.6 million USD (approximately 892,290 million Baht), showing a 10.9 percent decrease compared to the previous year. This decline was attributed to global economic volatility, geopolitical tensions, and strict financial policies impacting purchasing power and investment decisions. Various trading partners, including China, Japan, ASEAN, South Asia, and others, experienced decreases in exports during this period.
Export Products and Markets
Agricultural and agro-industrial products saw a mixed performance, with some products like rice, rubber, and canned seafood experiencing growth while others like sugar and fruits faced declines. Industrial products also saw a decrease in exports, with notable declines in automobiles, oil-related products, and computer equipment. Primary markets like China, Japan, and the EU experienced decreases, while secondary markets like South Asia and Latin America also saw a decline.
Trade Activities and Agreements
Despite the export contraction, Thailand remained resilient amid global uncertainties. The Ministry of Commerce engaged in various activities to boost exports, including negotiations with Hong Kong to strengthen trade relations and outreach to promote Thai products and services. Additionally, negotiations for a bilateral free trade agreement with South Korea were initiated, focusing on benefiting products like chicken meat, seafood, and service sectors like transportation and hospitality. Discussions were also held to facilitate the export of Thai fruits to China, with Chinese authorities showing readiness to receive Thai fruits and assist in export-related matters.
Source : Thai exports drop 10.9% in March
