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27 Sep 2023

Thai Economy

Thai exports grew by 2.6 percent YoY in August 2023, the first uptick in 11 months, while numerous challenges – such as the global economic slowdown and drought – will persist for the remainder of the year (Business Brief No.4019 Full Ed.)


        Thailand’s exports unexpectedly rose for the first time in 11 months in August 2023, up 2.6 percent YoY. The growth was bolstered by substantial shipments of agricultural and industrial products to its key trading partners, namely the US, Japan, and China.

        However, KResearch notes that although the country’s exports rebounded in August 2023, demand from the Chinese market has been weaker than anticipated in recent months. Additionally, there are several challenging factors – such as the global economic slowdown, currency fluctuations, volatile weather conditions, and geopolitical tensions – that could affect Thai shipments for the remainder of the year.

        Given this, KResearch projects that overall Thai exports will contract by 2.5 percent YoY in 2023, down from its previous forecast. Going forward, the country’s shipments of agricultural products may face challenges from the impact of the intensifying El Niño phenomenon, which remains an issue to be monitored

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Thai Economy