Thailand\u2019s export sector maintained its upward trajectory for the fifth consecutive month in December, according to a recent report from the commerce ministry. However, the growth rate fell short of analysts\u2019 expectations, accelerating concerns about the sustainability of the export recovery. The commerce ministry, in its announcement on Friday, also expressed a cautious outlook for the year 2024, predicting only modest export growth following a slight drop in the previous year.<\/p>\n
Customs-based exports registered a 4.7 per cent rise in December compared to the same period a year earlier. While this figure reflects a continued expansion, it lagged behind the 6.0 per cent year-on-year growth forecasted by analysts in a Reuters poll. December\u2019s performance also marked a decrease from November, which saw a 4.9 per cent rise in exports. December\u2019s export which is a main driver of the economy of Thailand has dropped at least 2.9 per cent from the previous month.<\/p>\n
The ministry asserted, \u201cGeopolitical problems that affect global trade and pose risks to the global supply chain remain a significant factor that needs monitoring as they could impact future exports.\u201d The economic slowdown of China will also create a wider impact on the exports of Thailand, this year, said Keerati Rushchano, the permanent secretary of the ministry.<\/p>\n
The second largest country in the export market of Thailand was China in the year 2023 with a market share of around 12 per cent, after the United States\u2019 17.2 per cent share. The ministry\u2019s permanent secretary also said that the working target of the ministry for export growth of 1 per cent to 2 per cent \u2018is challenging\u2019 because the exports dropped 1 per cent last year.<\/p>\n
In December, the chemicals exports dropped while the shipments of cars, car parts, and electronics increased. In the year 2023, rice shipments increased by 13.7 per cent to 8.76 million metric tons. Thailand\u2019s export performance is closely monitored, as it plays a pivotal role in the country\u2019s economic development.<\/p>\n
As Thailand navigates the evolving global economic landscape, the focus remains on maintaining a balance between economic growth and sustainability. The coming months will be pivotal in determining the extent to which Thailand can overcome challenges and sustain positive momentum in its export sector.<\/p>\n","protected":false},"excerpt":{"rendered":"
The commerce ministry, in its announcement on Friday, expressed a cautious outlook for the year 2024, predicting only modest export growth following a slight drop in the previous year.<\/p>\n","protected":false},"author":405,"featured_media":11637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[4723,3455,1330,89,557,7695],"class_list":["post-11636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thailand","tag-4723","tag-economic-growth","tag-economy","tag-geopolitics","tag-thailand","tag-the-commerce-ministry"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/11636","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/users\/405"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/comments?post=11636"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/11636\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media\/11637"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media?parent=11636"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/categories?post=11636"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/tags?post=11636"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}