July exports grow strongly, expanding 15.2%, highest in 28 months

The Ministry of Commerce revealed that exports in July 2024 grew strongly, expanding by 15.2%, the highest in 28 months, while exports in the first 7 months of 2024 expanded by 3.8%. Mr. Poonpong Naiyanapakorn, Director of the Office of Trade Policy and Strategy (OTPS), revealed that Thailand's international trade in July recovered strongly, with a value of 25,720.6 million US dollars (938,285 million baht), expanding by 15.2 percent, the highest growth rate in 28 months since March 2022. Excluding oil-related products, gold, and military equipment, it still expanded by 9.3 percent. The slowdown in the global average inflation rate has increased purchasing power for consumers, which is an important factor supporting this recovery. Meanwhile, increased employment and adjustments in wages in major trading partners, especially in Europe, have resulted in a recovery in consumption, which is a positive factor for Thai exports. Major markets that have recovered well include the United States, China, ASEAN, and th e European Union, which is consistent with the IMF's global economic forecast, which estimates that the global economy will benefit from the recovery of the Chinese economy from strong export growth and the European economy, which has recovered from its lowest point. In addition, Thai exports in the first 7 months of 2024 expanded by 3.8 percent, and when excluding oil-related products, gold, and military equipment, expanded by 4.0 percent. Trade value in US dollar terms in July: Exports were worth 25,720.6 million US dollars, expanding by 15.2 percent compared to the same month last year. Imports were worth 27,093.8 million US dollars, expanding by 13.1 percent. The trade balance was a deficit of 1,373.2 million US dollars. Overall, for the first 7 months of 2024, exports were worth 171,010.6 million US dollars, expanding by 3.8 percent compared to the same period last year. Imports were worth 177,626.5 million US dollars, expanding by 4.4 percent. The trade balance for the first 7 months of 2024 was a defi cit of 6,615.9 million US dollars. As for the export trend in 2024, the Ministry of Commerce expects that it will gradually recover in line with the improving global economy and trade, including signs of recovery in the global industrial production sector. At the same time, it is expected that the growth of the digital economy will support related products to grow throughout the year. However, there are still risk factors that will pressure exports from the prolonged geopolitical conflict and the uncertainty of economic and trade policies after the election in many important countries. The Ministry of Commerce will continue to closely monitor the situation. Source: Thai News Agency