Thai shipments grew more than expected at 15.2% YoY in July 2024, boosted by gold exports (Business Brief No.4080 Full Ed.)

• Thailand’s exports expanded by 15.2 percent YoY in July 2024, surpassing market expectations. This growth was primarily driven by the low base of July 2023 and a sharp rise in gold shipments, which surged by 434.1 percent YoY.
• However, Thai exports remain under pressure from the global economic slowdown, weakening purchasing power of consumers in trading partner countries, and negative domestic factors such as declining competitiveness and volatile weather conditions.
• Given this, KResearch maintains its growth forecast for 2024 Thai exports at 1.5 percent. Nevertheless, there is a greater possibility that the country’s shipments will perform better than expected, particularly if gold exports continue to expand at a high rate.