Thai exports in November 2024 grew by 8.2%, expected to reach 5.2% for the whole year, making another new high.

The Office of Trade Policy and Strategy (OTPS) revealed that Thai exports in November 2024 grew for the fifth consecutive month at a rate of 8.2%, totaling 25,608.2 million US dollars. Excluding oil, gold, and military supplies, exports expanded by 7.0%.

The main support came from the digital product group, especially computers and components, which grew well in line with the global demand in the digital transformation era. In addition, the agricultural and food product group remained the main driver supporting growth.

The first 11 months grew as targeted. Exports for the whole year 2024 are expected to reach 5.2%.
In the first 11 months of 2024, Thai exports expanded by 5.1%, and when excluding oil, gold and military equipment, they will still grow by 4.9%. The OIC stated that if exports in December can reach the target of 24.3 billion US dollars, exports for the whole of 2024 will expand by 5.2%, making another new high, continuing from 2022, when exports expanded by 5.7%.

Such growth reflects the potential of Thai export products that can compete in the global market despite the challenges from global economic volatility.

Agricultural products and agro-industrial sectors continue to expand strongly.
The agricultural and agro-industrial product group has grown continuously for 5 months, expanding by 5.7% (YOY). The main products that supported the growth were:

• Rubber : Expanded 14.1% for 13 consecutive months, with major markets such as Japan, Malaysia, the United States, and South Korea.
• Fresh, chilled and processed fruits : grew by 44.8% after recovery, with China, Vietnam and Indonesia as the main markets.
• Fresh, chilled, frozen and processed chicken : grew by 12.0%, especially in the Japanese, UK and Chinese markets.

However, some products such as rice (-20.6%) and sugar (-23.3%) still experienced contraction in the main market.

Strong export industry, technology group grows prominently
Industrial product exports grew by 9.5% (YOY) for 8 consecutive months, with the main products supporting growth being:

• Computers and components : Growing 40.8% for 8 consecutive months, with the main markets being the United States, China and Germany.
• Rubber products : Growing 24.8% continuously for 5 months with the main markets being the United States, China and Japan.
• Automobiles and parts : grew 4.8% after recovering in the US, Japan and Mexico markets.

Although some products such as internal combustion engines (-34.3%) and semiconductors (-71.5%) continued to contract, the overall industrial sector still showed strong potential.

Outlook 2025: Growing with Hope Amid Challenges
In 2025, the NESDB predicts that Thai exports will expand by 2-3% despite challenges from US trade barriers, exchange rate volatility, and a possible slowdown in global trade.

The Ministry of Commerce has prepared a 10-point strategic plan, such as expanding new markets, pushing for free trade agreements (FTAs), and promoting future industries, to create stability for the Thai export sector and increase long-term competitiveness.

Data source: Prachachat Business Online