Krungsri Securities stated that Thailand’s export sector delivered resilient growth in April, rising 10.2% compared to a year prior, according to the latest government figures. However, this uptick missed Bloomberg’s consensus projection of a 12.2% gain and reflects a slowdown from March’s robust 17.8% year-over-year expansion.
Driving the growth, computer equipment and electronic components were stand-out performers. Shipments of computers and accessories soared 75.2% year-on-year, while electric circuit exports climbed 39%. This outperformance bodes well for companies like Delta Electronics PCL (SET: DELTA), Hana Microelectronics PCL (SET: HANA), and KCE Electronics PCL (SET: KCE), which are heavily exposed to these buoyant segments.
Other export categories tracked closer to their four-month averages. Shipments of coconut water increased 43% year-on-year, remaining a tailwind for producers such as Malee Group PCL (SET: MALEE) and Thai Coconut PCL (SET: COCOCO).
Meanwhile, rubber exports grew 22.5%, and frozen chicken saw a modest lift of 8.6%, providing incremental benefits to exporters including Charoen Pokphand Foods PCL (SET: CPF), GFPT PCL (SET: GFPT), Sri Trang Agro-Industry PCL (SET: STA), and North East Rubber PCL (SET: NER). Pet food exports also gained ground, up 10.1%, supporting firms like Asian Alliance International PCL (SET: AAI) and i-Tail Corporation PCL (SET:ITC).
Conversely, canned seafood exports dipped 1.4% year-on-year, posing a minor headwind for Thai Union Group PCL (SET: TU) and others in the segment.
Imports for April jumped 16.1% year-on-year—more than double the market’s expected 7.3% increase—but decelerated compared to March. This surge contributed to a wider-than-expected trade deficit of $3.3 billion, compared with economists’ forecast for a $1.2 billion shortfall and significantly higher than March’s $980 million deficit.
With the Thai baht appreciating to 32.4 per U.S. dollar, its strongest level in seven months, market strategists warn of ongoing currency headwinds for exporters.
Given the external uncertainties and currency dynamics, analysts recommend short-term, selective trading strategies with a focus on outperforming export categories. Stocks tied to electronic components, poultry, and coconut water exports—specifically DELTA, CPF, AAI, and MALEE—are highlighted as preferred short-term trading plays amid current volatility.
