Global Rice News

Thailand’s Exports Continue to Grow, but at a Slower Rate in December 2023

Thailand’s exports have seen continuous growth for the fifth month in a row in December 2023. However, the pace of growth has slowed down due to increases in both agro-industrial and industrial product shipments, as per official data released on Friday.

Exports, which play a vital role in driving the country’s economic growth in Southeast Asia, rose by 4.7 percent last month compared to the same period the previous year, reaching a total of 22.79 billion U.S. dollars. This growth rate is slightly lower than the 4.9 percent increase recorded in November, as reported by the Ministry of Commerce.

Despite the global economic volatility, the positive trend can be attributed to the easing of high inflation, which has ultimately boosted consumer confidence and expectations. This has created a favorable environment for Thailand’s exports.

However, it is important to note that geopolitical tensions and supply chain vulnerabilities could potentially impact future exports. The Ministry of Commerce has expressed concerns over these factors in a statement.

Delving into the data, it is observed that Thailand’s exports of agricultural products saw an 8.3 percent decrease year-on-year in December 2023. This marks a revision from the previous month’s increase of 7.7 percent. It is worth mentioning that despite this decrease, there has been significant growth in rice and rubber shipments.

In conclusion, Thailand’s export industry has shown resilience and maintained growth for the fifth consecutive month, albeit at a slightly slower pace in December. The positive momentum in consumer confidence and expectations, combined with the growth in agro-industrial and industrial product shipments, has contributed to this steady increase. However, it is crucial to monitor geopolitical tensions and supply chain vulnerabilities, as they can impact the future of Thailand’s export market.

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