Thai exports grew for six straight months at 10.0 percent YoY in January despite the Red Sea conflict (Business Brief No.4039)

• Thailand’s outward trade expanded for the sixth consecutive month at 10.0 percent YoY in January 2024 due to the low base of the previous year, and improvements seen in key exports across all categories, including agricultural and agro-industrial products, as well as industrial products. Shipments to all key trade partners grew, as well.
• Although the ongoing conflict in the Red Sea has led to a rise in transportation time and costs, but Thai exports to the Eurozone continued to grow at 4.5 percent YoY in January 2024.
• We at KResearch maintain our view that Thai exports will resume growth of 2.0 percent YoY in 2024, led by improvements in industrial shipment.