Display mode (Doesn't show in master page preview)

27 Aug 2024

Econ Digest

Gold exports boosted Thailand’s exports in July 2024 to grow beyond expectations of 15.2% YoY

คะแนนเฉลี่ย

        Thailand’s exports in July 2024 grew by 15.2% year-on-year (YoY), surpassing market expectations of 7.0% YoY. This growth was partly driven by the low base of July 2023, when refined oil exports declined in line with global market prices. Additionally, a key driver for export growth in July 2024 was gold exports, which surged by 434.1% YoY in terms of both volume and price amid ongoing tensions in the Middle East and expectations of interest rate cuts by major central banks, particularly in the Fed. Excluding gold, Thailand’s exports for July 2024 expanded by 11.0% YoY (Figure 1).
Additionally, exports of several industrial products continued to grow, including computers, peripherals, and hard disk drives.         However, exports of automobiles and parts contracted by 12.8% YoY this month, with declines observed in most markets, including Australia and ASEAN countries such as the Philippines (Figure 2).
Despite Thailand’s robust export growth in July 2024, the overall export outlook remains under pressure due to the global economic slowdown and weakening purchasing power in trading partner countries. The Manufacturing Purchasing Managers’ Index (PMI) for most of Thailand’s key trading partners in July and August 2024 was below 50, indicating potential headwinds for Thai exports in the coming months (Figure 3).
        Additionally, Thailand’s export competitiveness is under pressure, further compounded by rising risks from weather uncertainties that could adversely affect agricultural production. As a result, KResearch maintains its forecast for Thailand’s overall export growth in 2024 at 1.5%. However, there is an increasing potential for exports to exceed this projection, particularly if gold exports continue to grow at a high rate.

Scan QR Code


QR Code

Annotation

This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow.

Econ Digest

Exportส่งออกไทย