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Thai Exports Surge 14.6% in October, Beating Forecasts
Thailand’s exports grew in October at the fastest pace in three months, surpassing analysts’ forecasts. The Commerce Ministry anticipates strong final-quarter growth, which would see its full-year target of 2% surpassed.
Exports, a key driver of the country’s economy, rose 14.6% in October annually, above a forecast 5.2% rise in a Reuters poll, following a 1.1% rise in September. The Commerce Ministry’s head, Poonpong Naiyanapakorn, expects exports to grow strongly in the last quarter of 2024 and increase by 4% for the year to beat the ministry’s target.
The strong growth is attributed to the recovery of industrial sectors in key trading partners, relaxed global monetary policies, and growth in farm and food product exports during the holiday season, as well as reduced logistics costs. The ministry also expects the country to benefit from the recovery of the global economy.
Meanwhile, the Commerce Minister is preparing to travel to the United States early next year to discuss trade issues with US officials, following the US President’s pledge to impose tariffs on its largest trading partners, including Canada, Mexico, and China. Thailand’s exports to the US, its top market, jumped 25.3% annually in October, while shipments to China increased 8.5% and to Japan, 7%. Shipments of technology-related products, particularly computers, equipment, and components, also contributed to the strong growth in October.