Thailand's exports are on track to achieve a historic high of US$300 billion this year, according to the Ministry of Commerce.
Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, said exports are expected to grow by 5.2% year-on-year for the full year.
Chaichan Charoensuk, chairman of the Thai National Shippers' Council, said while exports will reach a record high, persistent challenges remain including geopolitical tensions and an economic slowdown in the European Union.
"The key challenge for Thai businesses next year will be reducing production costs," he said.
In November, the value of exports reached $25.6 billion, marking the fifth consecutive month of growth with an 8.2% year-on-year increase. Excluding gold, oil products and arms, exports rose by 7%.
This growth was primarily driven by technology-related products, particularly computers, equipment and components, underscoring the global shift towards the digital era.
Exports of manufacturing-related goods continue to perform well, supported by proactive adjustments by various countries to address new trade dynamics and potential geopolitical challenges.
The global demand for Thai agricultural and food products also significantly contributed to the robust export performance.
In terms of sectors, exports of agricultural and agro-industrial products grew by 5.7% year-on-year in November, marking the fifth consecutive month of growth.
Key products showing growth included rubber (+14.1%); fresh, chilled, frozen and processed chicken (+12.0%); fresh, chilled, frozen and dried fruits (+44.8%); canned and processed seafood (+3.3%); pet food (+18.1%); and canned and processed fruits (+24.6%).
For the first 11 months, exports of agricultural and agro-industrial products grew by 5.7% year-on-year.
Meanwhile, exports of industrial products grew by 9.5% year-on-year in November, marking the eighth consecutive month of growth.
Key products showing growth included computers, equipment and parts (+40.8%); automobiles, equipment and parts (+4.8%); rubber products (+24.8%); machinery and mechanical components (+16.7%); gems and jewellery (excluding gold) (+24.3%); chemicals (+10.7%); air conditioners and components (+35.8%); and transformers and parts (+13.8%).
For the first 11 months, exports of industrial products grew by 5.5%.
In terms of markets, exports to primary markets including the US, China, the EU as well as Cambodia, Laos, Myanmar and Vietnam showed an improvement while exports to Japan and the five other Asean countries fell.
Moreover, exports to secondary markets such as South Asia, Australia, the Middle East, Africa, Latin America and the UK also grew, but exports to Russia and the Commonwealth of Independent States declined.
Meanwhile, imports in November increased by 0.9% year-on-year to $25.8 billion, resulting in a trade deficit of $224 million.
For the first 11 months, exports grew by 5.1% year-on-year to $275.7 billion, while exports excluding gold, oil products and arms expanded by 4.9%. Imports rose by 5.7% year-on-year to $282 billion, resulting in a trade deficit of $6.27 billion.
