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Upturn in Electronics and Gold Push July’s Exports to Highest in Over Two Years
In July 2024, Thai exports increased by 15.2% year-over-year, reaching USD 25.7 billion. This growth was fueled by strong demand, especially in the electronics and gold sectors, reversing the contraction seen in the previous month.
In July 2024, Thai exports grew 15.2% YoY, reaching USD 25.7 billion, driven by strong demand, particularly in electronics and gold, reversing the previous month’s contraction.
In July 2024, Thai exports rose 15.2% year-on-year, reaching USD 25,720.6 million, marking the highest growth in over two years. This surge exceeded analysts’ expectations, influenced by improved global demand, particularly in the electronics sector. Notably, computer and parts exports increased by 82.6%, while gold exports expanded by an extraordinary 434.4%. The favorable base effect from lower export values last July also contributed to this significant growth.
Analyzing by product category, mining and fuel exports grew 39.5%, while manufacturing products expanded 15.6%. Agro-industrial exports rebounded with a 14.6% increase, aided by improved demand for animal fats and processed seafood, although some product categories, like motor vehicles, faced declines. Agricultural products saw slight growth, particularly in rubber and rice exports, despite a downturn in fruit exports to China.
While July’s trade balance returned to a deficit after two months of surplus, imports rose by 13.1% to USD 27,093.8 million. The SCB EIC maintains a 2024 export growth forecast of 2.6% for Thai exports, amid a positive global economic outlook and stable demand. However, risks such as geopolitical tensions and potential climate disturbances pose challenges for continued export growth in the coming years.
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Source: SCBEIC
