19-12-2023 (BANGKOK) Thailand’s customs-based exports extended their growth streak for the fourth consecutive month in November, registering a 4.9% increase compared to the same period last year, according to data from the customs department. However, the figures fell short of market expectations.
The November export performance was below the 6.3% year-on-year growth forecast in a Reuters poll, following an impressive 8% year-on-year rise in October.
On the import front, November saw a notable surge of 10.1% from the previous year, surpassing the predicted 3% rise in the poll. This resulted in a trade deficit of $2.4 billion for the month, significantly higher than the anticipated deficit of $0.55 billion.
Key contributors to Thailand’s export growth included increased shipments of oil, rice, computer components, and computers, as highlighted in a statement from the customs department. However, the export of cars and air conditioners experienced a decline compared to the previous year.
The department noted that November witnessed a rise in exports to the United States and Japan on a year-on-year basis, while exports to China and Europe declined during the same period.
The forthcoming week is expected to see the release of a comprehensive customs-based trade data report by the commerce ministry, which will likely be accompanied by a briefing to provide further insights into the trade dynamics shaping Thailand’s economy.
