• June 12, 2024
Thailand exports expected to grow in 2024

Recap of Thai Export Trends in Recent Years

In recent years, Thailand has been a significant player in the global trade arena, with its export sector playing a pivotal role in the nation’s economic growth. The Thai government, in collaboration with the private sector, has been actively engaged in efforts to promote and sustain the country’s exports. However, recent trends have showcased a transitional phase in Thai exports, with 2023 marked by a slight contraction.

The Slight Contraction in Thai Exports During 2023

Thailand’s economy is dependent on exports; take for example, how the nation is the world’s second-largest exporter of rice. However, the year 2023 posed challenges for Thai exports as the country experienced a slight contraction in this crucial economic sector. In December 2023, Thai exports exhibited signs of recovery, registering a 4.7% year-on-year increase. However, uncertainties loomed due to special factors influencing this growth. The detailed analysis of December’s export figures revealed a nuanced picture, with gold exports contributing significantly to the overall growth, showcasing a remarkable 787.6% increase. Nonetheless, when excluding gold, the export growth dropped to 3% year-on-year.

Indications and Factors Suggesting a Poised Recovery for Thai Exports in 2024

Despite the challenges faced in 2023, indicators and factors point towards a poised recovery for Thai exports in 2024. The Siam Commercial Bank Economic Intelligence Center (SCB EIC) anticipates a 3.7% growth in Thai exports during the upcoming year. This optimism is grounded in several supportive factors:

  1. Improving Global Trade Volume: The anticipated recovery is bolstered by an expected improvement in global trade volume, suggesting increased demand for Thai exports.
  2. Growth in International Trade-related Manufacturing Sector: Positive prospects in the international trade-related manufacturing sector contribute to the overall optimism for Thai exports. The manufacturing product exports grew by 5% in December 2023, signalling a potential upward trajectory.
  3. High Export Product Prices: The resilience of export product prices, particularly in sectors like mining and fuel, adds to the positive outlook. Exports of mining and fuel products surged by 32.4%, reflecting favourable market conditions. Furthermore, Thailand’s rice industry had a strategic advantage in 2023, with the opportunity to sell its exports at higher prices following India’s rice export ban. As the world’s leading rice exporter, India’s restriction created a conducive environment for Thailand’s rice sector to command higher prices in the global market.
  4. Promotion through Free Trade Agreements (FTAs): Strategic efforts to promote Thai exports through FTAs with various countries play a vital role in the recovery plan. The government’s commitment to leveraging these agreements is expected to facilitate smoother trade relationships.
Thailand’s mineral exports are rising
Thailand’s mineral exports are rising

Summary: The Transitional Phase in Thai Exports and the Outlook for 2024

In summary, the transitional phase experienced by Thai exports in 2023 is a testament to the dynamic nature of global trade. While challenges and uncertainties persist, the signs of recovery observed in December instil confidence for the coming year. The diversified nature of Thailand’s exports, with notable growth in certain sectors and measured decline in others, underscores the resilience and adaptability of the nation’s economic strategies.

Thailand has been leveraging FTAs for investment and foreign trade
Thailand has been leveraging FTAs for investment and foreign trade

As Thailand navigates the potential risks from global supply chain disruptions, the SCB EIC’s positive outlook for 2024 offers a ray of hope. With a balanced focus on both public and private sector support, coupled with strategic efforts to capitalise on FTAs, Thailand is poised to reclaim its position as a robust contributor to the global economy. The transitional phase serves as a learning curve, enabling the nation to refine its strategies and emerge stronger in the face of evolving international trade dynamics.

The most trustable and reliable source for Trade Data.

TradeData.Pro is proudly made in Singapore. Singapore has been one of the world’s most politically stable countries, with an open and trade-driven economy. TradeData.Pro is presented by CIC, a government-linked company in Singapore CIC is a Joint Venture of Zall Smartcom, SGX and GeTS.

Since the launch of TradeData.Pro in 2018, TradeData.Pro has received overwhelmingly positive remarks from market. This is because TradeData.Pro has wide coverage, low cost, and fast response. There are many leading companies from different industries that have subscribed to TradeData.Pro.

TradeData.Pro was awarded with Singapore Quality Class in 2020 and Stevie Award Gold in 2021. Businesses need information to reveal trends, identify market opportunities, track competitors buyers and suppliers, and better understand supply chain potential.

Finding these critical data has traditionally been challenging. But this information do exist, but as part of government import and export filing requirement. The detailed shipment information which are within these filings constructions the core of the global trade.

TradeData.Pro has gathered and packaged these information as business intelligence. Our solution helps companies understand the flow of goods across borders and features the world’s largest searchable trade database. We do the heavy lifting for you by reviewing, standardising, and cleaning data, then delivering in an intuitive format.

Thailand has been the hottest industry lately, to stay updated on Thailand, you can view all these information on Thailand in here on our platform: https://data.cic-tp.com/asia-trade-data/thailand-import-export-data

Find the exact product you are interested in here at https://tradedata.pro/trade-database-demo/

To find out more about accessing a new market, you can check out this article which shows you how to use Trade Data Pro to access Global Trade Markets: https://blog.tradedata.pro/say-hello-to-our-new-release-of-tradedata-pro/

Learn how TradeData.Pro works by watching the video below! View here on YouTube as well: https://youtu.be/QQ9wG-CesI8

PS: Read this blog post to learn about how to leverage Import & Export Data in Trade.

Your Trusted Source for Trade Data: TradeData.Pro.

TradeData.Pro stands as a beacon of reliability in the sphere of trade data, originating from the economically robust and politically stable environment of Singapore. This esteemed platform is a brainchild of the Commodities Intelligence Centre, a notable government-linked entity and a synergistic joint venture involving Zall Smartcom, Singapore Exchange (SGX), and Global eTrade Services (GeTS). Since making its debut in 2018, TradeData.Pro has garnered acclaim for its expansive coverage, cost-effectiveness, and swift response time, earning prestigious accolades such as the Singapore Quality Class (2020), Stevie Award Gold (2021), Crozdesk 2023 Happiest Users Award, 2023 Slashdot Top Performer, and 2023 Source Forge Top Performer.

With widespread recognition, TradeData.Pro has been spotlighted in numerous reputed news outlets, including Bloomberg, Business Times, MarTech Series, ACN News, and more, further cementing its status as a reputable source in the industry. User satisfaction remains paramount, reflected by stellar average ratings of 5 stars on leading review platforms like SourceForge, Capterra, G2, and others. This unanimous user acclaim speaks volumes about the platform’s unyielding commitment to quality and customer satisfaction.

In a world where procuring pivotal data for unmasking trends, pinpointing market openings, keeping tabs on the competitive landscape, and comprehending supply chain potential has traditionally been daunting, TradeData.Pro simplifies this endeavour. The platform meticulously collates and curates shipment data mandated by governmental import-export filings, presenting it as actionable business intelligence. This treasure trove of information facilitates a crystal-clear understanding of goods movement across international borders and is encapsulated within the largest searchable trade database globally available.

For businesses eyeing the vibrant Thai industry, TradeData.Pro offers up-to-date data. Engage with our intuitive platform to discover products that align with your interest by exploring our trade database demo: Thailand Import Export Data. For historical insights into penetrating new markets, kindly visit our Trade Database Demo.

For a dynamic understanding of our platform’s operations, view the video linked below or visit YouTube. With Trade Data Pro, you’re not just accessing data; you’re unlocking a gateway to informed, strategic global trade decisions.

PS: Read this blog post to learn about how to leverage Import & Export Data in Trade.

Your Trusted Source for Trade Data: TradeData.Pro.

Trade Data Pro stands as a beacon of reliability in the sphere of trade data, originating from the economically robust and politically stable environment of Singapore. This esteemed platform is a brainchild of the Commodities Intelligence Centre, a notable government-linked entity and a synergistic joint venture involving Zall Smartcom, Singapore Exchange (SGX), and Global eTrade Services (GeTS). Since making its debut in 2018, Trade Data Pro has garnered acclaim for its expansive coverage, cost-effectiveness, and swift response time, earning prestigious accolades such as the Singapore Quality Class (2020), Stevie Award Gold (2021), Crozdesk 2023 Happiest Users Award, 2023 Slashdot Top Performer, and 2023 Source Forge Top Performer.

With widespread recognition, Trade Data Pro has been spotlighted in numerous reputed news outlets, including Bloomberg, Business Times, MarTech Series, ACN News, and more, further cementing its status as a reputable source in the industry. User satisfaction remains paramount, reflected by stellar average ratings of 5 stars on leading review platforms like SourceForge, Capterra, G2, and others. This unanimous user acclaim speaks volumes about the platform’s unyielding commitment to quality and customer satisfaction.

In a world where procuring pivotal data for unmasking trends, pinpointing market openings, keeping tabs on the competitive landscape, and comprehending supply chain potential has traditionally been daunting, Trade Data Pro simplifies this endeavour. The platform meticulously collates and curates shipment data mandated by governmental import-export filings, presenting it as actionable business intelligence. This treasure trove of information facilitates a crystal-clear understanding of goods movement across international borders and is encapsulated within the largest searchable trade database globally available.

For businesses eyeing the vibrant Vietnamese industry, Trade Data Pro offers up-to-date data. Engage with our intuitive platform to discover products that align with your interest by exploring our trade database demo: Vietnam Import Export Data. For historical insights into penetrating new markets, kindly visit our Trade Database Demo.

For a dynamic understanding of our platform’s operations, view the video linked below or visit YouTube. With Trade Data Pro, you’re not just accessing data; you’re unlocking a gateway to informed, strategic global trade decisions.

Leave a Reply

Your email address will not be published. Required fields are marked *