Thai Exports slightly contracted in 2023 but poised for recovery in 2024

Thai exports in December 2023 showed signs of recovery, with a 4.7%YOY increase, but uncertainty remains due to special factors affecting growth.

Thai exports are expected to continue recovering in 2024 with a 3.7% growth, supported by factors such as improving global trade volume, growth in the international trade-related manufacturing sector, high export product prices, and efforts to promote Thai exports through Free Trade Agreements with various countries.

Despite potential risks from global supply chain disruptions, SCB EIC anticipates that Thai exports should continue to improve in 2024.

The risk of global supply chain disruptions may re-emerge due to attacks by Houthi rebels on cargo ships in the Red Sea, leading to companies avoiding the Suez Canal route and opting for the longer route around the Cape of Good Hope. This adds 10 to 15 days to shipping time and increases freight…