Exports grew by 5.4% in 2024, surpassing the target and reaching a record-high value of US$301 billion, according to the Commerce Ministry.
Imports amounted to $307 billion, a 6.3% increase year-on-year, resulting in a trade deficit of $6.28 billion.
Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, said shipments also achieved a record high in Thai baht, surpassing 10 trillion baht.
Agricultural and agro-industrial exports totalled $52.2 billion last year, a 6% increase year-on-year, and industrial product exports tallied $237 billion, up 5.9%.
In December 2024, total exports were valued at $24.8 billion, 8.7% growth year-on-year, marking six consecutive months of expansion.
Imports for the month tallied $24.8 billion, a 14.9% uptick year-on-year, leading to a trade deficit of $10.6 million.
The growth was driven by strong exports of capital goods and raw materials across most key markets, despite concerns over global trade policy uncertainties, said Mr Poonpong.
Agricultural and agro-industrial exports in December grew for the sixth consecutive month, valued at $3.79 billion, a 9% increase year-on-year.
Key products included rubber, cassava products, fresh and processed chicken, and fresh and processed fruit.
Agro-industrial exports that recorded growth included canned and processed fruit, seafood, wheat-based products, ready-to-eat foods and pet food.
Industrial exports in December climbed for the ninth consecutive month, reaching $20.2 billion, an 11.1% increase year-on-year.
Key contributors included gems and jewellery (excluding gold), computers and components, machinery, air conditioners, rubber products and chemicals.
Mr Poonpong said exports are expected to continue expanding in January, marking the seventh consecutive month of growth.
The ministry projects 2-3% growth in exports this year, backed by a stable global economy, which is expected to expand at a similar rate, as well as low inflation and interest rates.
In addition, the ongoing trend of relocating production bases to Southeast Asia and efforts to promote Thai soft power to enhance the global recognition of Thai products will aid exports.
However, some challenges remain, such as uncertainty over US trade policies, prolonged geopolitical tensions and exchange rate volatility.
The ministry plans to monitor the situation and collaborate with the private sector and relevant agencies to ensure sustainable trade growth.
Regarding US trade policies under the administration of President Donald Trump, Commerce Minister Pichai Naripthaphan emphasised the importance of monitoring developments.
He plans to visit the US in February for discussions on tariffs for Thai exports.