Exports grew for 2 consecutive months. Aug expanded by 7.0%

Exports Imports were valued at US$26,182 million, up 7% from market expectations of 6%, while imports were valued at US$25,917 million, up 8.9%. This August, Thailand had a trade surplus of 264.9 million US dollars. Mr. Poonpong Nayanapakorn Director of the Office of Trade Policy and Strategy (Trade Policy and Strategy) stated that exports The increase of 7% resulted in the first 8 months of this year (January-August 2024). Thailand's exports totaled $197,192 million. Imports were valued at $203,543 million. As a result, in the first 8 months of this year, Thailand still had a trade deficit of 6,351 million dollars. Exports in August 2024 expanded by 7% excluding oil, gold, and consumables. Exports expanded at 6.6% Exports continued to expand from the previous month, expanding in all product categories, especially agricultural products and agro-industries, which are expanding rapidly. Meanwhile, industrial goods are growing well, supported by the volatile climate in many countries. This is coupled with the recovery of the service sector in key markets. As a result, the demand for agricultural products and food has increased. In addition, the economic situation of the European Union has begun to recover from inflation. As a result, the purchasing power of consumers has increased. Stimulating demand for products from Thailand "The strong baht may affect Thai exports in the fourth quarter of 2024, but it has not yet resulted in the NEC adjusting Thailand's export target for this year to grow by 1-2% worth about 290.7 billion dollars and is considered likely to expand by more than 2% due to the recovery of the economies of trading partners. As a result, orders from major trading partners increased," said Mr. Poonpong. Mr. Chaichan Charoensuk Chairman of the Shippers' Council of Thailand (SRT) said that due to the strengthening of the baht, it is considered a factor that exporters must be most vigilant about, especially agricultural products, because there are very high risk factors. July-August 2024 Thailand's ex ports will expand well, which will affect the negotiation of delivery and receipt of new orders. With the current strong baht, it is possible that exporters may not dare to accept orders and affect exports, and in this situation, the government is requested to consider postponing the wage increase to 400 baht per day nationwide first because it will affect the cost of entrepreneurs and exporters. Source: Thai News Agency