Thai exports resumed growth in April 2024 after shrinking in previous month…For 2024, Thai shipments projected to grow at 1.5 percent
- Thai shipments in April 2024 resumed growth at 6.8 percent YoY after shrinking in March 2024, due partly to the low base of the previous year and growth seen in several export categories, including rice and computers. Thai car exports resumed growth for the first time in four months, as well.
- As Thai exports are set to recover at a slower rate than our prior estimate during 2024, we at KResearch have downwardly revised our growth forecast for Thai exports in 2024 to 1.5 percent, from the 2.0 percent growth projected previously, amid additional downside risks, including the slower-than-expected rebound seen in the global economy, erratic weather conditions and persistent geopolitical issues.
- Nevertheless, KResearch views that Thailand’s outward trade during the remainder quarters of 2024 may continue to grow, albeit at a slower rate, because of the high base of the previous year. Meanwhile, several export categories, including electronics, those environmentally friendly products and foods, will continue to support the overall Thai shipments.
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