FX.co ★ Thai Exports Seen Stagnant or Down 1% This Year

Thailand's export outlook appears stagnant or possibly declining by around 1% this year, as noted by Commerce Minister Suphajee Suthumpun on Monday, according to reports from Reuters. On the preceding Friday, a forecast by the Ministry of Commerce's Trade Policy and Strategy Office indicated a potential export downturn, projecting growth within the range of -3.1% to +1.1% for the year. This forecast is influenced by variables such as U.S. tariffs, geopolitical tensions, and the appreciation of the Thai baht.

In 2022, Thailand achieved a notable 12.9% increase in total exports, reaching a value of USD 339.64 billion. Trade with the United States amounted to USD 93.65 billion, comprising exports worth USD 72.51 billion and imports valued at USD 21.15 billion, culminating in a trade surplus of USD 51.36 billion. The U.S. continues to be a crucial export destination, with outbound shipments experiencing a significant 54.3% rise in December. Concurrently, China remains a pivotal import partner, especially for capital goods and raw materials, and Thailand consistently runs a trade deficit with China.