Exports rose for a fourth consecutive month in November, helped by a consistent recovery in key trading partner markets.
According to permanent commerce secretary Keerati Rushchano, exports of goods expanded across all categories, particularly agricultural products, which posted significant growth compared with other categories.
Industrial products recorded consistent growth following the cyclical recovery of electronic products, while some sectors benefited from factors such as advance purchases before year-end festivities, prompting manufacturers in many countries to expedite imports to meet demand, he said.
The Commerce Ministry reported on Monday exports increased by 4.9% in November to US$23.5 billion, while imports increased by 10.1% to $25.9 billion, resulting in a trade deficit of $2.39 billion.
Exports of agricultural and agro-industrial products expanded by 4.9% year-on-year in November to $3.9 billion, led by rice (+67.9%), rubber (+14.5%), canned and processed seafood (+2.5%), pet food (+3.3%), canned and processed fruit (+5.1%), sauces and preparations (+21.6%), canned and processed vegetables (+26.6%), fresh, chilled, frozen and dried vegetables (+29.8%), and chilled shrimp (+141%).
Industrial product exports expanded by 3.4% from November last year to $18.6 billion, with significant products comprising computers, equipment and parts (+10.3%), machinery and components (+15.3%), iron, steel and products (+42.2%), phones, equipment and parts (+19.4%), semiconductors, transistors and diodes (+40.5%), and electrical transformers and parts (+24.8%).
For the first 11 months this year, exports decreased by 1.5% to $262 billion, while imports dipped by 3.8% to $268 billion, resulting in a trade deficit of $6.16 billion.
For the same period, shipments of agricultural and agro-industrial products decreased by 0.5% to $45.7 billion, while the exports of industrial products declined by 1.5% to $205 billion.
According to Mr Keerati, exports to several key markets increased in November in response to signs of economic recovery, including the US, Japan and Southeast Asia, which reported export gains by 17.5%, 4.3% and 12.9%, respectively.
Outbound shipments to secondary markets also increased, notably those bound for South Asia, Australia and Oceania, and Russia and the Commonwealth of Independent States, which increased by 5.0%, 10.9% and 88.4%, respectively.
"Thai exports in December are expected to fare well. There remains a possibility exports will contract by less than 1.5% this year," said Mr Keerati.
"There has been no impact on exports from the Houthi attacks on crucial shipping routes in the Red Sea. If there is an impact, it will likely be seen in January, and the Commerce Ministry has scheduled a meeting with shipping companies today to monitor the situation and seek cooperation on fairly considering price adjustments."
The ministry set an export target of around 2% growth for 2024.