Thailand’s exports beat forecast in October, to exceed 2024 target
By Orathai Sriring and Kitiphong Thaichareon
BANGKOK (Reuters) – Thailand’s exports grew in October at the fastest pace in three months, beating analysts’ forecasts, as the commerce ministry anticipated strong final-quarter growth would see its full-year target surpassed.
Exports, a key driver of Southeast Asia’s second-largest economy, rose 14.6% in October annually, well above a forecast 5.2% rise in a Reuters poll, and followed September’s 1.1% rise.
Exports are expected to grow strongly in the last quarter of 2024 and increase by 4% for the year to beat the ministry’s target of 2%, said Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office.
“We haven’t adjusted our target but will beat it,” he told a press conference.
Exports rose 4.9% in the first 10 months of 2024 from the same period in 2023.
Shipments will be supported by the recovery of industrial sectors in key trading partners, relaxed global monetary policies, growth in farm and food product exports during the holiday season, and reduced logistics costs, the ministry said.
Poonpong said he was not concerned if the United States takes action on countries which it has trade deficits, which would include Thailand.
“We are preparing. We not worried because that will apply to all countries, not just our country,” he said.
The commerce minister planned to travel to the United States early next year to discuss the matter with U.S. officials, he said, adding “we’ll negotiate”.
As Thailand is home to a number of U.S. companies, exporting goods to the United States would benefit them, Poonpong said.
President-elect Donald Trump on Monday pledged tariffs on the United States’ three largest trading partners, Canada, Mexico and China.
In October, Thailand’s exports to the United States, its top market, jumped 25.3% annually, while shipments to China increased 8.5% and to Japan, 7%.
Exports last month were boosted by strong growth in shipments of technology-related products, particularly computers, equipment, and components, the ministry said.
Imports rose 15.9% in October from a year earlier, stronger than a forecast rise of 6.5% in the poll, resulting in a trade deficit of $0.79 billion for the month. (This story has been corrected to remove an extraneous letter in the word ‘beats’ in the headline)