Thai exports to expand by 1.2% in 2023 (SCB EIC)

Thai merchandise exports contracted in February, marking a fifth consecutive month decline. However, signs of recovery started to emerge.

According to SCB EIC, Thailand’s export value in 2023 is expected to grow by 1.2%, despite a continuous decline in February. However, there are signs of recovery as some markets, such as China and the Middle East, have improved their demand for Thai products.

The tourism sector and private consumption are also expected to benefit from China’s opening up, which is faster than expected. SCB EIC estimates that at least 4 million Chinese tourists will visit Thailand this year, boosting the businesses in the tourism supply chain.

The value of Thai exports in February 2023 was at USD 22,376.3 million, down by -4.7%YOY. Such growth marked a 5 consecutive months decline, with the contraction slightly decelerating from -4.5%YOY in January.

However, in…