Thailand’s December Exports Increase by 4.7% YoY, Falling Below Expectations
Published on: January 26, 2024.
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Thailand’s Rice Exports Continue to Rise, Creating Trade Surplus
BANGKOK: Thailand’s rice exporters have achieved a fifth consecutive month of growth, with customs-based exports increasing by 4.7% in December compared to the previous year, according to the commerce ministry. This growth surpasses the Reuters poll forecast of a 6.0% year-on-year increase for December and follows a 4.9% rise in November. In contrast, imports declined by 3.1% year-on-year, resulting in a trade surplus of $0.97 billion.
Export Figures for Key Markets
Examining specific markets, shipments to the United States experienced a slight increase of 0.3% from the previous year, while exports to Japan dropped by 3.7%. However, there was a positive development in exports to China, with a 2% increase.
Overall Annual Performance
Looking at the full-year 2023, imports decreased by 3.8% annually, and exports suffered a 1% drop, resulting in a trade deficit of $5.2 billion.
Future Export Targets
The commerce ministry has set a target for exports to grow by 1.99% in the coming year.
Rice Export Volume
In December, rice export volumes increased by 4.1% compared to the previous year. Over the course of 2023, rice exports saw a significant rise of 13.7%, reaching 8.76 million metric tons.
