Thai exports withstand global headwinds, rake in record $300 bn in 2024

Thailand's commerce sector has achieved a landmark milestone, with annual exports reaching an unprecedented US$300 billion in 2024, signalling resilience amidst global economic uncertainties.

The Ministry of Commerce revealed yesterday that exports expanded by 5.4% throughout 2024, marking the highest annual figure in the nation's economic history. December alone witnessed an impressive 8.7% export growth, maintaining a robust six-month consecutive expansion.

Agricultural and agro-industrial exports demonstrated particular strength, growing 6% annually. Key performers included rubber, poultry products, seafood, and fruit exports. Conversely, traditional commodities like rice and sugar contracted.

Industrial exports were equally impressive, expanding 5.9%. Significant contributions came from technology, machinery, and chemical sectors. Computer components, rubber products, and gemstone exports were standout performers.

Export growth was predominantly driven by major markets, with a 12.0% increase in key regions including the United States, China, Japan, and the European Union. The United Kingdom emerged as a particularly promising market for Thai exporters.

However, challenges persist. ASEAN markets contracted marginally, whilst engagement in the Australian market declined by 15.5%.

Poonpong Nayanapakorn, director of the Trade Policy and Strategy Office, forecasts a modest 2-3% export growth for 2025. 

"We anticipate continued stability, supported by favourable global economic conditions and strategic production shifts," he stated.

Potential headwinds include ongoing geopolitical tensions, US trade policy uncertainties, and exchange rate fluctuations. The ministry said it remains committed to developing strategies in collaboration with the private sector.

          Key statistics

• Total exports 2024: US$300 billion
• Export growth: 5.4%
• Trade deficit: $6.28 billion
• Projected 2025 growth: 2-3%