Thai Exports Continued to Grow in September Raising Prospects for an Upward Revision in 2024
Despite the cooling trends in exports, SCB EIC anticipates growth to surpass initial estimates of 2.6% for the year, propelled by rising gold exports and strong electronic sales.
In September 2024, Thai exports grew 1.1% YOY, slowing from 7% growth. Total exports reached USD 223,176 million for the year, with challenges from global trends and market fluctuations ahead.
Exports Show Cooling Trends in September 2024
In September 2024, Thailand’s exports totaled USD 25,983.2 million, reflecting a modest year-over-year growth of 1.1%. This growth slowed from the previous month’s 7% and fell short of analysts’ expectations of 2.9%. Notably, the total export value for the first three quarters of the year reached USD 223,176 million, indicating a 3.9% growth on a customs basis. The decline in growth can be attributed to factors such as a slowdown in computer exports and the first year-on-year decline in gold exports in five months, influenced by a high base effect from last year.
