Thai exports rose for a ninth straight month in March and exceeded expectations, reaching the highest level in three years, although steep US tariffs remain a concern, says the Commerce Ministry.
Commerce Minister Pichai Naripthaphan said exports surged by 17.8% year-on-year to US$29.5 billion in March, setting a new record in terms of value.
Exports from the real sector excluding gold, oil-related products, and weaponry increased last month by 15% year-on-year.
The primary driver of this growth was the industrial sector, particularly exports to key markets such as the US, China and the EU.
Mr Pichai said these trading partners have seen an acceleration in manufacturing activity as they sought to mitigate risks from the US tariff hikes. This led to a surge in import demand aimed at stabilising production supply chains and mitigating potential cost and price increases in the future.
In the first quarter, the value of Thai exports rose by 15.2% year-on-year, totalling $81.5 billion with a trade surplus of copy.08 billion.
He said a strong export performance in the first quarter is expected to play a significant role in driving the country's GDP growth, which could potentially exceed 3%.
Despite the US tariff policy potentially affecting exports in April, Mr Pichai maintained a positive outlook.
He said the full-year export target of 2-3% appears within reach, expressing optimism for better growth ahead.
Thailand has maintained regular communication with the US Trade Representative and prepared measures to address potential challenges, such as preventing export circumvention and identifying negotiable products, said Mr Pichai.
Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, expressed optimism regarding potential export growth in the second quarter, especially in the US market.
The anticipated increase in exports is linked to a 90-day pause on new tariffs, which is expected to drive up imports during the months of April, May and June, unless trade negotiations are brought to a close.
In March, agricultural and agro-industrial exports contracted by 3.1%, marking a nine-month decline. Key items such as rubber, processed poultry, and pet food grew, while rice, cassava products, canned seafood, and sugar contracted. However, this year's first quarter recorded a growth of 0.2% in this category.
In contrast, industrial exports grew by 23.5%, continuing a 12-month period of growth. Notable growth was seen in computers, auto products, rubber products, and machinery. In the first quarter, industrial exports grew by 19.4%.
Source: Bangkok Post
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
