Thai exports for March 2024 contracted for the first time in eight years because of the high base of the previous year. (Business Brief No.4057)

• Thai exports for March 2024 contracted by 10.9 percent YoY due mainly to the high base of the previous year. Excluding gold, Thai shipment shrank by 7.1 percent YoY.
• Exports of several key industrial products contracted in March 2024, as well, including HDDs. Shipments to most of Thailand’s major trading partners contracted, with the exception of the US.
• In 2024, it is expected that the overall Thai exports will recover at a slow rate  compared to many countries in the region, due partly to structural problems. KResearch maintains our growth projection for Thai exports in 2024 at 2.0 percent.