Exports in the first half of the year expanded well by 2 percent and continued to have a trade surplus.

The Director of the Office of Trade Policy and Strategy (OTPS) revealed that Thai exports in June 2024 contracted slightly by only 0.3 percent, but if looking at the total for the first half of the year, it grew well in line with the demand for Thai products, despite encountering several negative factors. Exports for the first 6 months expanded by 2 percent, and there was a trade surplus for the second consecutive month. It is expected that exports for the whole year will still be in line with the target of expanding by 1-2 percent. Mr. Poonpong Naiyanapakorn, Director of the Office of Trade Policy and Strategy (OTPS), mentioned the Thai export figures in June 67 and the first 6 months of 2567, where Thai exports in June were worth 24,796.6 million US dollars, contracting by 0.3 percent, returning to a slight contraction. The main reason was that fruit products were entering the end of the season, so there was less production in the market. The Thai trade balance was in surplus for 2 consecutive months. Wh ile the global trade atmosphere began to worry about the potential for trade barriers, there was uncertainty over election results in many countries, and changes in technology, such as the transition to electric vehicles, also resulted in a clear contraction in demand for internal combustion engines, causing Thai exports in the first half of 2024 to expand by 2.0 percent, and when excluding oil-related products, gold, and military supplies, to expand by 3.1 percent. Meanwhile, the import figures were worth 24,578.5 million US dollars, expanding by 0.3 percent, with a trade surplus of 218.0 million US dollars. Overall, in the first half of 2024, exports were worth 145,290.0 million US dollars, expanding by 2.0 percent compared to the same period last year. Imports were worth 150,532.6 million US dollars, expanding by 3.0 percent. The trade surplus in the first half of 2024 was a deficit of 5,242.7 million US dollars. However, if looking at the total export group of agricultural and agro-industrial products, it contracted by 3.3 percent when compared to the same period last year, returning to contract for the first time in 3 months. Agricultural products contracted by 2.2 percent, returning to contract after expanding in the previous month, and agro-industrial products contracted by 4.8 percent, returning to contract for the first time in 3 months. However, important products that expanded were rice, which expanded by 96.6 percent, returning to expand after contracting in the previous month, expanding in the markets of Iraq, South Africa, Indonesia, the United States, and Cote d'Ivoire. Rubber expanded by 28.8 percent, expanding continuously for 8 months, expanding in the markets of China, Malaysia, Japan, South Korea, and India. Processed chicken expanded by 4.0 percent for 4 consecutive months in the markets of the United Kingdom, the Netherlands, Singapore, Ireland, and Canada. Pet food expanded by 13.1 percent for 9 consecutive months in the markets of the United States, Australia, Malaysia, Italy, and the P hilippines. Canned and processed fruits expanded by 6.0 percent for 9 consecutive months in the markets of China, Australia, the Netherlands, the United Arab Emirates, and Canada. Fats and oils from plants and animals expanded by 147.7 percent for 2 consecutive months in the markets of India, Malaysia, Myanmar, Italy, and Vietnam. While major products that contracted, such as fresh, chilled, frozen and dried fruits, contracted by 37.8 percent, contracted again after expanding in the previous month in the markets of China, Hong Kong, the United States, Vietnam and Malaysia, but expanded in the markets of South Korea, Indonesia, Japan, the United Arab Emirates and the United Kingdom. Sugar contracted by 51.9 percent, contracting for 6 consecutive months in the markets of Indonesia, South Korea, Taiwan, Laos and Malaysia, but expanded in the markets of Cambodia, Tanzania, Vietnam, Kenya and China. Beverages contracted by 9.5 percent, contracting for 2 consecutive months in the markets of Vietnam, Cambodia, Myan mar, China and the United States, but expanded in the markets of Laos, Malaysia, Singapore, the United Arab Emirates and India. And fresh, chilled and frozen chicken contracted by 13.4 percent, contracting for 2 consecutive months in the markets of China, Malaysia, South Korea, Hong Kong and the United Kingdom, but expanded in the markets of Japan, Singapore, the United Arab Emirates, Macedonia and Kuwait. While industrial exports expanded by 0.3 percent compared to the same period last year, expanding for 3 consecutive months, with important products that expanded, such as automobiles, equipment and components, expanding by 13.5 percent, expanding again after contracting in the previous month in the markets of the Philippines, Vietnam, Japan, Mexico and Saudi Arabia. Computers, equipment and components expanded by 22.0 percent, expanding for 3 consecutive months in the markets of the United States, China, the Netherlands, Germany and the Czech Republic. Machinery and components expanded by 7.2 percent, expa nding for 4 consecutive months in the markets of China, India, Singapore, Vietnam and Myanmar. Telephones, equipment and components expanded by 20.1 percent, expanding for 13 consecutive months in the markets of the United States, Hong Kong, the Netherlands, Malaysia and Myanmar. Important products that contracted include rubber products, which contracted by 7.9 percent, for 2 consecutive months in the US, China, Japan, South Korea, and Malaysian markets, but expanded in Australia, Vietnam, India, Indonesia, and Brazil. Plastic pellets contracted by 6.3 percent, for 2 consecutive months in the China, Japan, Vietnam, Australia, and Malaysian markets, but expanded in India, Indonesia, the US, the Philippines, and Taiwan. Chemicals contracted by 5.5 percent, for 26 consecutive months in the China, Japan, Vietnam, Indonesia, and US markets, but expanded in India, Malaysia, Cambodia, Australia, and South Africa. Electrical circuits contracted by 21.4 percent, a six-month contraction in the Hong Kong, Singapore, Japan, Taiwan, and China markets, but expanded in Malaysia, India, Brazil, Indonesia, and Laos. Iron, steel, and products contracted by 24.2 percent, a two-month contraction in the US, Japan, Indonesia, Myanmar, and Laos markets, but expanded in India, China, Malaysia, Australia, and Vietnam. Piston internal combustion engines and components contracted by 54.2 percent, a three-month contraction in the South African, Argentina, India, Japan, and US markets, but expanded in Indonesia, the Philippines, Brazil, Cambodia, and the United Kingdom. The OSMEP also assessed the overall picture of Thai exports in the second half of 2014, despite the negative factors of international wars and exchange rate fluctuations, including energy in the world market, but the demand for Thai products in the world market continues. Therefore, it is still confident that the export value of Thai products to foreign markets still has a chance to be positive as the OSMEP predicted by 1-2 percent or worth more than 280,000 million US do llars for sure.-514-Thai News Agency Source: Thai News Agency