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26 Mar 2024

Thai Economy

Thai exports grew for the seventh consecutive month of 3.6% YoY in February 2024, supported chiefly by gold shipments (Business Brief No.4049)


    • Factors contributing to Thailand's export growth in February 2024 compared to those in the previous year include a 7.5 percent increase in agricultural exports, notably rice, driven by both price and quantity factors, and a 5.2 percent rise in industrial exports, led by computers and related components.
    • Additionally, gold exports in February 2024 surged 309.5 percent YoY, attributable to price factors, and a low base of February 2023. Excluding gold, Thailand's exports in February 2024 would have grown by 1.2 percent YoY. 
    • KResearch maintains our growth projection for Thai exports in 2024 at 2.0 percent in line with the improvements foreseen in global trade and projected increase in demand for many Thai products, particularly those in the industrial category. However, the slowing Chinese economy and geopolitical tensions may continue to pressure Thailand's outward trade in 2024. 

Thai Economy