China News Service, Bangkok, April 4 (Reporter Li Yingmin) Thailand's Kasikorn Research Center released a report on the 4th saying that Thailand's exports have increased year-on-year for seven consecutive months. For this reason, the center predicts that Thailand's total export value will increase by 2.0% in 2024.
According to data from the Thai Ministry of Commerce, Thailand’s total export value in February was US$23.3849 billion, a year-on-year increase of 3.6%, marking the seventh consecutive month of year-on-year growth.
Thailand's export growth in February was mainly due to the 7.5% year-on-year export value of rice and other agricultural products, which increased by 7.5% year-on-year in price and quantity; the export value of industrial products increased by 5.2% year-on-year, driven by the export of computers and parts.
In February, Thailand's export value to major trading partner markets such as the United States and the Eurozone continued to expand.
In addition, Thailand’s gold export value increased significantly by 309.5% year-on-year in February. Considering that the uncertainty of geopolitical factors still exists and the trend of interest rate cuts by major global central banks in the second half of 2024, the value of gold exports is expected to continue to expand, consistent with the rising trend of gold prices.
Kasikorn Research Center expects that Thailand’s electronic product exports will benefit from the cyclical rise in global demand in 2024, reflected in the continued growth of global semiconductor sales since the first quarter of 2023. The export value of Thailand's electronic products in February increased by 12.5% year-on-year, marking the fifth consecutive month of year-on-year growth. Important products in this category that maintained good growth in export value include: hard drives, semiconductor components, transistors and diodes.
Taking various factors into account, Kasikorn Research Center predicts that Thailand's total export value will grow by 2.0% in 2024. (over)