BANGKOK: Thailand’s exports to the United States in September grew 18.1% year-on-year (y-o-y) to the value of US$5.01bil (169.13 billion baht), the Trade Policy and Strategy Office (TPSO) says.
Overall exports in September expanded 1.1% y-o-y to US$25.98bil (877.75 billion baht), the office added, as it predicted a 2% growth for this year.
Imports in September stood at US$25.59bil (863.34 billion baht), up 9.9% compared to last year.
Poonpong Naiyanapakorn, TPSO director-general, said that exports to the United States in the first nine months of this year amounted to US$40.61bil, an increase of 12.5% y-o-y. This has made the United States Thailand’s biggest export market with 18.2% of overall exports.In 2023, Thailand exported US$48.35bil worth of goods to the United States, an increase of 3% from the previous year.
Poonpong said products shipped to the United States that saw significant expansion in September included computer parts and components, fax machines, telephones and rubber products.
Meanwhile, products that saw a contraction included transformers and components, semiconductors, transistors, diodes and steel products.Poonpong said exports in the fourth quarter (October to December) are expected to continue to grow despite several challenges, including the United States presidential election, geopolitical conflicts, the baht appreciation, the flood situation and changes in India’s rice export policy.
He said factors contributing to the growth in Thailand’s exports in the rest of the year includes the relaxing of financial policies in several countries.
Poonpong added a rising demand for Thai agricultural and food products, especially during the holiday season and the declining trend of global freighting fees would help reduce the costs of Thai exports.
“If the exports earn some US$22.55bil a month over the last three months, Thailand’s export value for this year will be US$290bil, marking a growth of 2%,” Poonpong said.
“If this is the case, it will be a new high after 2023 saw a record-breaking US$287bil worth of exports.”
In 2023, Thailand exported US$48.35bil worth of goods to the United States, an increase of 3% from the previous year. — The Nation/ANN
