Thai exports 68 face tough battles: trade war-global conflict

2024 exceeds target, exports grow 3.5-4%

Thai exports in 2024 are considered good news that ends beautifully with an expected growth rate of 3.5-4%, higher than the target of 1-2%, with a total export value of approximately 297 billion dollars or about 10 trillion baht.

In 2025, facing heavy pressure, the National Economic and Social Development Board sets a growth target of 1-3%.

However, 2025 is expected to face multiple challenges, with the Thai National Shippers’ Council (TNSC) targeting export growth of only 1-3% amid impacts from two major risk factors.

1. New trade war: “Trump 2.0” shakes up global trade

The return of the “America First” policy under Donald Trump, which is preparing to increase import tariffs on goods from China by 60% and other countries by 10-20%, targeting countries with trade surpluses with the US, could disrupt global supply chains, and Thailand could be affected as well.

2. Geopolitical conflicts: unpredictable risk factors

The prolonged crisis in the Middle East and conflicts between world powers could once again affect global trade stability, making the global economy uncertain next year.

Dealing with 2015: Turning Crisis into Opportunity

Mr. Chaichan Charoensuk, Chairman of the National Economic and Social Development Board (NESDB), stated that Thailand should use its strengths in international relations and its strategic location in the ASEAN region to turn the situation around, emphasizing a middle path, not favoring any side, and adhering to a balanced cooperation approach to drive exports to achieve their goals.

Although Thailand is facing another “tidal wave” of global trade, with its flexibility and adaptability, Thailand has the opportunity to turn the crisis into an opportunity and create a survival path for Thai exports next year.

Source of information: Bangkok Business Online