Export growth in December falls short of forecast, increasing by 4.7% year-on-year
Published on: January 26, 2024.
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Thailand Exports Rise 4.7% YoY in December, Falling Short of Forecasts
Thailand’s customs-based exports continue to show strong growth, with a 4.7% year-on-year increase in December, according to the Commerce Ministry. While this growth is slightly below the forecasted 6.0% increase, it marks the fifth consecutive month of positive growth. Importantly, rice export volumes also saw a significant increase, highlighting the strength of Thailand’s rice industry.
Exports and Imports
In December, exports to the United States increased by 0.3% year-on-year, demonstrating Thailand’s ability to maintain a stable trade relationship with one of its key partners. However, exports to Japan experienced a decline of 3.7%. On the other hand, exports to China saw a positive growth of 2%, indicating a strengthening trade partnership with the country.
In terms of imports, December witnessed a 3.1% decline compared to the previous year. This resulted in a trade surplus of $0.97 billion for the month. Overall, for the full-year 2023, imports dropped by 3.8% annually, while exports decreased by 1%, leading to a trade deficit of $5.2 billion. With these figures in mind, efforts will be made to foster export growth in the coming year.
Rice Exports
The rice export industry in Thailand remains robust, with a 4.1% increase in export volumes seen in December compared to the previous year. For the entirety of 2023, rice exports recorded a significant rise of 13.7%, totaling 8.76 million metric tonnes. This highlights Thailand’s position as a major player in the global rice market and showcases the strength of the country’s rice producers and suppliers.
Connecting Rice Suppliers and Exporters
If you are looking for reliable rice exporters, visit hasrice.com (Rice Suppliers) and pakistanrice.com (Pakistan Rice Exporters) to explore a wide range of high-quality rice options and connect with trusted suppliers.
Focusing on Export Growth
Despite the challenging economic conditions, the Ministry of Commerce has set a target of 1.99% export growth for this year. This demonstrates a commitment to driving economic recovery and bolstering international trade. As Thailand continues to navigate through global uncertainties, efforts will be made to strengthen trade partnerships and explore new market opportunities.
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Source: Bangkok Post
