Thailand's exports up 4.7 pct in December 2023-Xinhua

Thailand's exports up 4.7 pct in December 2023

Source: Xinhua

Editor: huaxia

2024-01-26 19:04:01

BANGKOK, Jan. 26 (Xinhua) -- Thailand's exports continued to expand for the fifth consecutive month in December 2023, but at a slower pace due to growth in both agro-industrial and industrial product shipments, official data showed on Friday.

Exports, a key driver of the Southeast Asian country's economic growth, rose 4.7 percent last month from a year earlier to 22.79 billion U.S. dollars, easing from a 4.9 percent increase in November, according to data released by the Ministry of Commerce.

Despite global economic volatility, the easing of high inflation has led to a positive trend, boosting consumer confidence and expectations. However, geopolitical tensions and supply chain vulnerabilities could leave potential impacts on future exports, the ministry said in a statement.

A breakdown of the data revealed that Thailand's exports of agricultural products decreased 8.3 percent year-on-year in December 2023, revising downward from an increase of 7.7 percent in November, despite major growth in rice and rubber shipments. Meanwhile, agro-industrial goods expanded 3.6 percent year-on-year, up from a 1.7 percent rise a month earlier.

Industrial product shipments rose 5.0 percent from a year earlier, up from a 3.4-percent climb in the previous month owing to expansions in automotive and electronic product exports.

The data also indicated Thailand's imports dropped 3.1 percent from a year earlier to 21.81 billion dollars in December, resulting in a trade surplus of 972.8 million dollars.

For the whole of 2023, the kingdom's exports fell 1.0 percent from a year earlier to 284.56 billion dollars, while imports dropped 3.8 percent to 289.75 billion dollars, yielding a trade deficit of 5.19 billion dollars, according to the ministry.

The ministry targets exports to grow by 1 percent to 2 percent this year as a result of global economic growth, increased stability, and the relaxation of monetary policy in major economies, which are expected to boost global trade volumes, Keerati Rushchano, the ministry's permanent secretary, told a news conference.