Thai November Exports Increase by 4.9% YoY with Prominent Growth in Rice Shipments
Published on: December 25, 2023.
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Thailand’s Customs-Based Exports Rise 4.9% in November
In November, Thailand reported a 4.9% increase in exports based on customs data, according to the country’s commerce ministry. This growth comes as a positive sign for the economy, although it fell short of the 6.3% rise predicted by a Reuters poll. Meanwhile, imports rose by 10.1% in the same period, resulting in a trade deficit of $2.4 billion.
Thailand is a key player in the global rice market, and the country’s export growth was boosted by a significant increase in rice shipments. The commerce ministry reported that rice exports surged by 41.8%, reaching a total of 1 million tons in November alone. This rise in rice exports has contributed to the overall export growth.
Among the key export destinations for Thailand, the United States saw a notable increase of 17.5% in shipments, while exports to Japan grew by 4.3%. However, exports to China experienced a decline of 3.9% during the same period.
Looking at the bigger picture, exports for the January to November period showed a decline of 1.5% compared to the same period last year. At the same time, imports dropped by 3.8%, resulting in a trade deficit of $6.2 billion.
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