Government body expected Thailand’s exports in 2023 to average slightly below flat line as growth in the final quarter should offset most of the decline earlier this year.
Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce, revealed that in the meeting between the Directors of the Ministry of Commerce, the Commercial Ambassadors, and Private sector to confer on the Quick Win 100 and 1 Year plan to accelerate the exports and border businesses, the Commercial Ambassadors of Thailand in 58 countries around the world had preliminary evaluated the export target of Thailand in 2024 at around 1.99% with export value around 287 billion dollars, while the private sector estimated the export to rise by 1-2% with both numbers being consistent.
However, in order to officially announce the estimation of the export target in 2024, the export figures in 2023 need to first be concluded.
Therefore, the exports figures in the last quarter of 2023 are expected to continuously grow after the figures in August and September rose by 2.6% and 2.1%, respectively. This leads to the less than expected export shrinkage of the year 2023 for not more than 1%.
Private sector forecasts that Thailand’s export has already passed the lowest point.
Dr. Chaichan Chareonsuk , the Chairman of Thai National Shippers’ Council (TNSC) said that Thailand’s exports have already passed the lowest point, adding that from now on, there will be no more negative figures, given the situation to not get any worse. The depreciation of Baht (THB) is substantially beneficial for Thailand’s exports, especially for agricultural products.
Additionally, he expected Thailand’s exports, from October to December 2023, to grow on a basis of at least 5% each month compared to the same period last year. For 2024, the private sector is expected to grow by at least 1-2%. The exported products that are expected to rise are fruits, vehicles, electronic components, and etc.