Despite a sluggish year for global trade, Thailand’s exports rose by over 2 percent during August, with shipments of automobiles and parts surging by nearly 20 percent, as more competitive exchange rates for Thailand’s currency fueled the better performance.

The Ministry of Commerce reported that the value of Thai exports rose 2.6 percent year-on-year in August to $24.3 billion, as imports fell by 12.8 percent to $23.9 billion, resulting in a trade surplus of $360 million. The real sector did even better, with its exports rising by 3.9 percent. The real sector excludes exports of gold, oil-related products and weapons.

"Thailand's exports in August performed relatively well compared with other countries, as several regional peers all recorded declines,” said Keerati Rushchano of the ministry. Among the nearby nations whose exports fell were India, Singapore, China and South Korea.

According to the World Trade Organization, the volume of global trade is expected to increase by just 1.7 percent, constrained by inflation, tighter monetary policies, financial market uncertainties and the conflict in Ukraine.

Exports are the main piston in Thailand’s economic engine, and the Kingdom relies on them to keep the economy running on track. The country’s diverse menu of goods – from rice and agricultural products to computers and parts – serves as a buffer against shocks and provides resiliency.

One of the sectors that did extremely well during August was automobiles and parts. Automobile exports in the first eight months of 2023 grew by 19.5 percent, according to the Federation of Thai Industries (FTI). The value of those exports increased by 24.1 percent.

Photo courtesy of https://thainews.prd.go.th/en/news