Trade Policy and Strategy Office optimistic about growth in exports, with those to the US topping 169 billion baht in September alone

Thailand’s exports to the United States in September grew 18.1% year on year to the value of US$5.01 billion (169.13 billion baht), the Trade Policy and Strategy Office (TPSO) said on Monday.

Overall exports in September expanded 1.1% year on year to $25.98 billion (877.75 billion baht), the office added, as it predicted a 2% growth for this year.

Imports in September stood at $25.59 billion (863.34 billion baht), up 9.9% compared to last year.

Poonpong Naiyanapakorn, TPSO director-general, said that exports to the US in the first nine months of this year amounted to $40.61 billion, increasing 12.5% year on year. This has made the US Thailand’s biggest export market with a ratio of 18.2% of overall exports.

In 2023, Thailand exported $48.35 billion worth of goods to the US, increasing 3% from the previous year, he added.

Poonpong said products shipped to the US that saw significant expansion in September included computer parts and components, fax machines, telephones, and rubber products.

Meanwhile, products that saw a contraction included transformers and components, semiconductors, transistors, diodes, and steel products.

Poonpong said exports in the fourth quarter (October-December) are expected to continue to grow despite several challenges, including the United States presidential election, geopolitical conflicts, the baht appreciation, the flood situation, and changes in India’s rice export policy.

He said factors contributing to the growth in Thailand’s exports in the rest of the year include the relaxing of financial policies in several countries, a rising demand for Thai agricultural and food products, especially during the holiday season, and the declining trend of global freighting fees, which would help reduce the costs of Thai exporters.

“If the exports earn some $22.55 billion a month over the last three months, Thailand’s export value for this year will be $290 billion, marking a growth of 2%,” Poonpong said.

“If this is the case, it will be a new high after 2023 saw a record-breaking $287 billion worth of exports.”

Source : Tha Nation