Thailand’s exports predicted to see slight rise in 2024

The Thai National Shippers’ Council anticipates a slight upturn in Thailand’s exports, predicting an increase of 1%-2% for 2024, as per today’s disclosure. This estimate aligns with a prior forecast, underscoring the critical role exports play in the economic health of Southeast Asia’s second-largest economy. However, the current global demand climate has resulted in sluggish trade in recent times.

Chaichan Chareonsuk, chair of the council, disclosed during a briefing that in 2024, (export) growth will become more difficult as major markets are still weak.

“We need to find new markets.”

This indicates the challenges facing the export sector amidst weak demand from major markets.

The year-on-year growth for customs-based exports in November was a lower-than-expected 4.9%, reflecting a 1.5% contraction for the first 11 months of 2023. The council’s projections for 2023 remained unchanged, with an expected 1% decline in exports, reported Bangkok Post.

By Alex Morgan

Caption: Photo courtesy of iStock