Thailand’s exports surge to 28-month high in July

Thailand’s exports experienced a significant boost in July, reaching their highest level in 28 months. The surge was driven by increased shipments to key markets, particularly electronic products, reflecting the growing digital economy.

According to the Ministry of Commerce, exports jumped 15.2 percent year-over-year to $25.72 billion in July, a substantial rebound from the previous month’s decline.

The increase was attributed to higher prices for agricultural goods and a surge in demand for industrial products, including computer, telephone, and air conditioning equipment.

While exports witnessed a positive trend, imports also rose by 13.1 percent to $27.09 billion, resulting in a trade deficit of $1.37 billion.

For the first seven months of 2024, exports grew 3.8 percent to $171.01 billion, while imports increased 4.4 percent to $177.62 billion, leading to a cumulative trade deficit of $6.61 billion.

Despite the trade deficit, the Ministry of Commerce remains optimistic about Thailand’s export prospects for the remainder of the year.

The ministry expects exports to gradually recover, supported by the improving global economy, rebounding industrial production, and favourable trade conditions.

To further bolster exports, the ministry has set a target of 1-2 percent growth for 2024, following a one per cent decline in 2023.

Attribution: Xinhua

Subediting: Y.Yasser