Bangkok: Thai exports Dec. 2023 were valued at 22,791.6 million US dollars. Expanded for the fifth consecutive month at 4.7 percent if deducting products related to oil, gold, and military supplies. Expanded by 2.1 percent. Thai exports in 2023 contracted by 1.0 percent. In 2024, the Ministry of Commerce set a target for expansion of 1.99 percent.
Mr. Keerati Ratchano, Permanent Secretary of the Ministry of Commerce Press conference on the international trade situation of Thailand in December and the entire year 2023, together with Mr. Poonphong Naiyanaphakorn, Director of the Office of Trade Policy and Strategy (O.C.)
Thai exports in December 2023 were valued at 22,791.6 million US dollars (795,824 million baht), expanding for the fifth consecutive month at 4.7 percent if deducting products related to oil, gold, and military supplies. Expanded by 2.1 percent. Thai exports continue to expand continuously. In line with many Asian countries Amidst the global economic situation that is volatile but tends to im
prove. from the deceleration of high inflation This has a positive effect on demand and confidence in consumption in countries around the world. However, geopolitical issues that are trade barriers and risks to the global supply chain are still important factors that need to be monitored. This is because it may affect exports in the next period. Thai exports in 2023 contracted by 1.0 percent and when deducting products related to oil, gold and military supplies. Grew by 0.6 percent
for the value of trade in US dollars in December 2023. Exports were valued at 22,791.6 million US dollars. Expanded 4.7 percent compared to the same month last year. Imports were worth 21,818.8 million USD, shrinking 3.1 percent. The trade balance was in surplus 972.8 million USD. Overall for 2023, exports were worth 284,561.8 million USD, shrinking 10 percent
. 1.0 compared to the same period last year, imports were worth 289,754.3 million US dollars, contracted 3.8 percent. The trade balance in 2023 had a deficit of 5,192.5 mil
lion US dollars.
Trade value in baht terms, December 2023. Exports were valued at 795,824 million baht, expanding by
2.2 percent compared to the same month of the previous year. Imports were valued at 770,822 million baht, shrinking by 5.3 percent. Trade balance was in surplus at 25,002 million baht. Overall In 2023, exports were worth 9,809,008 million baht, shrinking 1.5 percent compared to the same period last year. Imports were worth 10,111,934 million baht, shrinking 4.3 percent. The trade balance in 2023 had a deficit of 302,926 million baht.
Export of agricultural products and agro-industry The value of exports of agricultural and agro-industrial products shrank 3.2 percent (YoY), returning to contraction in 4 months. Agricultural products shrank 8.3 percent, returning to contraction in 5 months, while agro-industrial products Expanded 3.6 percent, expanding for 4 consecutive months. Important products that expanded include rice, expanding 27.4 percent, expanding for 6 consecutive months (expanding
in Indonesia, the Philippines, China, the United States, and Senegal). Rubber expanded 13.2 percent, expanding. Continuously 2 months (expanding in China, USA, Japan, India and Turkey) pet food Expanded 8.5 percent, expanding for 3 consecutive months (expanding in the US, Japan, Italy, Malaysia and Taiwan markets). Processed chicken expanded 0.9 percent, returning to expansion in the past 13 months (expanding in the Netherlands, South Korea, Singapore, Ireland and the Philippines). Beverages grew by 6.2 percent, expanding for 4 consecutive months (expanding in Myanmar, Malaysia, China, Singapore and the US markets). Canned and processed fruits. Expanded 10.8 percent, expanding for 3 consecutive months (expanding in the US, China, Australia, Netherlands, and Taiwan markets). Sugar grew 43.2 percent, returning to expansion in the past 3 months (expanding in the Lao, Cambodian, Indonesia, Taiwan, and Chinese markets). food seasoning Expanded by 16.2 percent, expanding for 6 consecutive months (expanding in the U
S, Australia, Netherlands, Cambodia and United Kingdom markets). Fresh, chilled, frozen and dried vegetables expanded by 19.0 percent, expanding for 5 consecutive months (expanding in the Malaysian, Japanese markets. Taiwan, USA and Cambodia) Chilled boiled shrimp Expanded 127.8 percent, expanding continuously for 9 months (expanding in the Chinese market and Australia)
Meanwhile, important products that contracted, such as fresh, chilled, frozen, and dried fruit, shrank 27.9 percent, contracting for 2 months continuously (shrinking in the markets of China, Indonesia, Malaysia, Hong Kong, and Singapore, but expanding in the markets of the United States, Vietnam, South Korea, the Philippines, and the United Arab Emirates. Emirates) Canned and processed seafood shrank 13.3 percent, returning to contraction after expanding in the previous month. (shrinking in the US, Japan, Australia, Saudi Arabia and Israel markets, but expanding in the markets of Canada, Libya, United Arab Emirates, Cambodia and China) Cassav
a products shrank 51.2 percent, contracting for 2 months continuously (shrinking in the Chinese, Japanese markets Malaysia, South Korea and the Philippines but expanded in the markets of Taiwan, the United States, Vietnam, Laos, and Bangladesh). Fats and oils from plants and animals shrank by 40.8 percent, contracting for 2 months continuously (shrinking in the markets of India, Vietnam, Malaysia, Japan, and Cambodia, but expanding in the markets of Myanmar and South Korea. China, Philippines and Australia). In 2023, exports of agricultural and agro-industrial products shrank by 0.7 percent.
In terms of exporting industrial products Value of industrial product exports Expanded by 5.0 percent (YoY), expanding continuously for 3 months, with important products expanding such as automobiles, equipment and components. Grew by 4.3 percent, returning to expansion after contracting in the previous month. (Expanded in Australia, Philippines, Japan, Saudi Arabia and USA markets) Computers Equipment and components Exp
anded 2.5 percent, expanded for 2 consecutive months (expanded in the Hong Kong, China, Netherlands, Malaysia and Australia markets). Rubber products expanded 3.9 percent, expanded for 3 consecutive months (expanded in the US, South Korea, India, Brazil and Russia). Iron and steel and products Expanded 25.3 percent, expanding continuously for 4 months (expanding in the US, Singapore, Malaysia, Australia and Myanmar markets) Gem and jewelry (excluding gold) expanded by 6.8 percent, expanding for 4 consecutive months (expanding in the Indian market United Kingdom, France, Belgium and Japan) Timber and wood products Expanded 22.2 percent, expanding continuously for 9 months (expanding in the markets of China, the United States, Japan, Vietnam, and Egypt)
Meanwhile, important products that contracted, such as chemicals, shrank by 6.5 percent, contracting continuously for 20 months (shrinking in the markets of China, Japan, Indonesia, Cambodia, and Laos, but expanding in the markets of India, Vietnam, the United
States, Malaysia, and Taiwan). Air conditioners and components shrank by 100 percent. 12.2 each, contracting for 7 consecutive months (shrinking in the US, France, Germany, Spain, and Philippines markets but expanded in the markets of Australia, Vietnam, United Arab Emirates, India, and Italy) Motorcycles and components shrank 27.2 percent, contracting for 5 months continuously (shrank in the markets of Belgium, the United States, the United Kingdom, Japan, and China, but expanded in the markets Netherlands, Italy, Philippines, Malaysia and Spain). In 2023, exports of industrial goods shrank by 1.0 percent.
However, exports to most important export markets expanded. According to the economic direction of trading partner countries that are gradually improving. However, exports to some markets remain uncertain. amidst the slowdown of the production sector and risks from geopolitical conflicts. The overall picture of exports to various market groups can be summarized as follows: (1) Main markets expanded by 1.1
percent, with expansion in the US market of 0.3 percent, China of 2.0 percent, and ASEAN ( 5) 18.0 percent, while the Japanese, European Union (27) and CLMV markets shrank by 3.7 percent, 5.3 percent, and 9.4 percent, respectively. (2) Secondary markets expanded by 7.5 percent, with expansion in the South Asian market. 7.0 Australia 5.4 percent, Latin America 14.4 percent, and Russia and the CIS countries 50.4 percent, while the Middle East market shrank 5.4 percent, Africa 0.1 percent, and the United Kingdom shrank 22.8 percent (3) Other markets Expanded 355.2 percent, such as Switzerland Expanded 567.6 percent
The US market expanded by 0.3 percent (expanding continuously for 3 months). Important products that expanded include rubber products, semiconductors, transistors and diodes, and fax machines, telephones, equipment and components, etc. Important products that contracted include computers. Equipment and components Air conditioners and components and electrical appliances and other components, etc. In
2023, it expanded by 2.8 percent.
The Chinese market returned to expand by 2.0 percent, with important products expanding such as piston internal combustion engines and components. computer Equipment and components and wood and wood products, etc. Important products that contracted include cassava products, fresh, chilled, frozen and dried fruits, and rubber products, etc. In 2023, they shrank by 0.8 percent.
The Japanese market returned to contract by 3.7 percent, with important products shrinking such as computers. equipment and components, chemicals and machinery and components, etc. Important products that expand include automobiles, equipment and components. Electrical appliances and other components, and cosmetics, soaps, and skin care products, etc. In
2023, it expanded by 0.1 percent.
The European Union market (27) shrank by 5.3 percent (continuous contraction for 7 months). Important products shrank. Motorcycles and components Air conditioners and components and computer equipment and components,
etc. Important products that expand include automobiles, equipment and components. Gems and jewelry and electrical transformers and components, etc. In 2023, it will contract by 4.2 percent.
ASEAN market (5) expanded by 18.0 percent (expanded continuously for 4 months), important products that expanded such as rice, iron, steel and products. and refined oil, etc. Important products that contracted include automobiles, equipment and electrical circuit board components. and electrical appliances and other components, etc. In 2023, it will contract by 1.6 percent.
The CLMV market shrank 9.4 percent (continuous contraction for 14 months). Important products that contracted include automobiles, equipment and components, iron, steel and products. and beverages, etc. Important products that expand include copper and items made from copper. finished oil and sugar, etc. In 2023, it will shrink by 14.3 percent.
south asian market Expanded by 7.0 percent (expanded continuously for 4 months). Important products that e
xpanded such as refined oil. Gems and jewelry and chemicals, etc. Important products that are shrinking include fats and oils from plants and animals. Semiconductor devices, transistors, diodes, and plastic pellets, etc. In 2023, they will contract by 6.8 percent.
Australian market Expanded by 5.4 percent (expanded continuously for 3 months). Important products that expanded such as automobiles, equipment and components. finished oil and computer equipment and components, etc. Important products that contracted include rubber products, wheat products and other prepared foods, and gems and jewelry, etc. In 2023, it expanded by 3.3 percent.
Middle East market shrank 5.4 percent (continuous contraction for 5 months). Important products that shrank include rice, fax machines, telephones, equipment and components. and wood and wood products, etc. Important products that expand include automobiles, equipment and components. air conditioners and components, and rubber, etc. In 2023, it expanded by 1.6 percent.
Th
e African market shrank by 0.1 percent (continuous contraction for 2 months). Important products that shrank include rice, chemicals and piston internal combustion engines and components, etc. Important products that expanded such as refined oil, plastic pellets, and automobiles, equipment and components, etc. This year 2023 expands by 4.7 percent.
Latin American market Returned to expand by 14.4 percent, important products that expanded such as automobiles, equipment and components, rice, and computers. Equipment and components, etc. Important goods that shrink, such as machinery and machinery components. Fax machines, telephones, equipment and components and radio receivers, televisions and components, etc. In 2023, it will expand by 3.0 percent.
The Russian market and CIS countries expanded by 50.4 percent (expanding continuously for 10 months). Important products
that expanded include gems and jewelry. Electrical appliances and other components and rubber products, etc. Important products that contract
ed include automobiles, equipment and components. Canned and processed fruits and refined oil, etc. In 2023, it expanded by 47.3 percent.
The UK market shrank 22.8 percent (4 consecutive months of contraction). Important products that shrank include cars, equipment and components. Machinery and components and processed chicken, etc. Important products that expand include gems and jewelry. pet food and iron, steel and products, etc. In 2023, it expanded by 0.9 percent.
For export promotion of the Ministry of Commerce and export trends in the next period The Ministry of Commerce carried out important work in December, such as (1) a joint meeting between the public and private sectors to manage fruit in a comprehensive manner, organizing a meeting “Guidelines for Fruit Management Measures 2024” between agencies in the Ministry of Commerce and the private sector. Discuss fruit management in advance. Through proactive measures
in 6 areas, 25 plans, with measures to promote fruit exports in foreign markets, incl
uding organizing border trade fairs to promote the sale of Thai fruits in neighboring countries. Business Matching worth more than 650 million baht,
promoting fruit menus through Thai Select restaurants around the world, promoting fruit exports through the use of FTAs, etc. (2) accelerating trade and economic growth Offensive in China With the proactive work of the provincial commerce department Integrated with 9 overseas trade promotion offices in China together with the Thai Ambassador. and representatives of BOI offices abroad To promote trade and expand investment According to the Prime Minister’s policy of proactive economic diplomacy
(3) Achieving results in the Thailand-Sri Lanka FTA negotiations, which is a success in Thailand’s 15th FTA negotiations, with the results of negotiations covering trade in goods, trade in services, investment and economic cooperation which will be presented to the Cabinet for consideration And it is expected that the agreement will be signed in early February 2024.
As f
or export trends in 2024, Ministry of Commerce The work target has been set at an expansion of 1.99 percent, valued at approximately 290,000 million US dollars or 10 trillion baht, with factors supported by more stable global economic expansion. Inflationary pressures eased. and the end of tight monetary policy in major economies. This has a positive effect on the world trade volume to expand further. It is also supported by agricultural and food reserves in line with food security and the recovery of the global electronics cycle. However, there are risk factors that need to be monitored, including geopolitical tensions that affect global supply chains and product costs. Impacts of drought in many areas around the world and the Chinese economy is recovering more slowly than expected. The Ministry of Commerce plans to organize promotional activities.
Exporting more than 400 activities in various countries, including invading secondary markets. and driving FTA negotiations under the government’s “Proactive Eco
nomic Diplomacy Policy” which has been integrated with other agencies to drive Thai export growth as an important cog in driving economic expansion. Next Thailand.
Source: Thai News Agency