26-3-2024 (BANGKOK) Thailand’s customs-based exports experienced a modest increase of 3.6 per cent in February compared to the same period last year, the commerce ministry disclosed on Tuesday, falling short of analysts’ projections.
This figure was below the anticipated 4.4 per cent year-on-year growth forecasted in a Reuters poll, following January’s more robust 10 per cent surge.
Imports also saw a rise of 3.2 per cent in February compared to a year earlier, surpassing the expected 1.5 per cent increase as per the poll. Consequently, the nation incurred a trade deficit of $0.55 billion for the month.
In a bid to boost economic recovery, the ministry had previously outlined a target of 1 per cent to 2 per cent export growth for the year, following a 1 per cent decline in shipments throughout 2023.
Of note, rice exports recorded a notable surge of 33.4 per cent year-on-year in February. However, Thailand, being the world’s second-largest exporter of rice, anticipates a decline of approximately 14.4 per cent in rice exports for 2024, totaling 7.5 million metric tons due to reduced production and heightened competition.
“The steady growth in Thailand’s exports reflects the gradual global economic recovery and renewed consumer confidence,” stated the ministry in a released statement. “Despite minor disruptions stemming from the Red Sea crisis, exports to European and Saudi Arabian markets continued to expand.”
Nevertheless, the ministry cautioned that uncertainties persist due to sluggish economic recuperation among major trading partners, agricultural impacts from drought, geopolitical tensions, and fluctuations in exchange rates.
