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© Reuters. A view of the port of Bangkok, Thailand May 26, 2016. REUTERS/Jorge Silva
BANGKOK (Reuters) – Thailand’s exports rose for a fifth straight month in December however at a slower tempo and fewer than analysts’ forecasts, and the commerce ministry stated on Friday that it anticipated small export progress in 2024 after a slight drop final yr.
Customs-based exports rose 4.7% in December from a yr earlier, in contrast with a forecast for a 6.0% year-on-year improve in a Reuters ballot, and following November’s 4.9% rise.
December exports, a key driver of Thailand’s financial system, dropped 2.9% from the earlier month.
“Geopolitical problems that affect global trade and pose risks to the global supply chain remain a significant factor that need monitoring as they could impact future exports,” the ministry stated.
China’s financial slowdown will even have a big effect on Thai exports this yr, Keerati Rushchano, the ministry’s everlasting secretary, instructed a briefing.
China was Thailand’s second-largest export market in 2023 with a 12% market share, after the United States’ 17.2% share.
As exports dropped 1% final yr, Keerati stated the ministry’s 2024 working goal for export progress of 1% to 2% “is challenging”.
In December, shipments of vehicles and automobile elements in addition to electronics elevated however exports of chemical substances dropped.
Rice export volumes elevated 4.1% in December from a yr earlier, with the worth up 27%. Rice shipments rose 13.7% to eight.76 million metric tons in 2023.
Rice exports noticed excessive demand as a result of issues over meals safety, Keerati stated.
In December, shipments to the United States rose 0.3% from a yr earlier and people to Japan dropped 3.7%, whereas exports to China elevated 2%.
December imports fell 3.1% year-on-year, making a commerce surplus of $0.97 billion.
Full-year 2023 imports dropped 3.8% yearly whereas the nation’s commerce deficit stood at $5.2 billion.