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Explosive Economic Turnaround: Thailand Defies Global Downturn with Robust Growth in Export! Unseen Victory in the Midst of Crisis!

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Keerati Rushchano, who acts as the Commerce Ministry’s permanent secretary, recently shared that Thai exports were valued at a noteworthy US$24.28 billion, equivalent to 824.94 billion baht, in August. This figure showcases a 2.6% growth over the previous fiscal year, which ends in September, spanning a total of 11 months. Thailand’s economy was bolstered this time by a trade surplus worth U$359.9 million. The notable growth was primarily driven by the contributions from industrial and agricultural exports.

Within the first eight months of 2023, the value of total exports had touched US$187.59 billion, or 6.38 trillion baht. This was, nonetheless, a 4.5% contraction when compared on a year-on-year basis. Keerati, however, brought attention to the optimistic signs from the last quarter, where Thailand surprisingly outperformed big player exporters such as India, Taiwan, South Korea, and China in the month of August.

Keerati highlighted the progress in agricultural exports, a crucial engine of Thailand’s export industry, which observed a surge over the past four months. Especially in August, agricultural exports were assessed at U$2.17 billion or 75.33 billion baht, signifying a 4.2% month-on-month increase. High-performing products included fresh fruits, frozen fruits, dried fruits as well as fresh and frozen vegetables. Moreover, he was pleased to report a two-month continuous positive trend observed in rice exports.

In the industrial sector, too, a consistent expansion in exports was observed over the trailing three months. Industrial exports for August alone amounted to a sum of U$19.16 billion or 650.98 billion baht, marking a 2.5% increase. A few notable products that witnessed growth include semi-conductor and diode devices, electrical transformers, circuit board components, telephone equipment and accessories, and machinery and parts.

The automotive sector also significantly contributed to this economic turnaround, with exports of vehicles, equipment and components valuing U$2.60 billion or 88.32 billion baht in August, revealed Keerati. This shows a substantial 5.2% increase in a month-on-month comparison and a continuous growth seen over eight consecutive months. In cumulative terms, exports for the year from January to August, account to U$19.63 billion or 667.845 billion baht, revealing a 7.7% yearly increase.

Keerati pointed out that these optimistic trends signify that Thailand’s export sector is charting a course for recovery, amidst global economic uncertainties, such as prolonged and high interest rates affecting consumption and production, mainly of non-essential goods. However, issues like possible drought impacts on export production and political instability remain on the radar. The Commerce Ministry, he reassured, will continue to keep a close watch on the scenario while tweaking its strategies as needed.

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