Thailand Trade Trends March 2024

According to data released by Thailand’s Ministry of Commerce on April 29, the country's exports dropped by 10.9 per cent year on year to USD 24.96 billion in March 2024, rising for the seventh consecutive month.

In the same period, imports expanded by 5.6 per cent year on year to USD 26.12 billion, resulting in a trade deficit of USD 1.16 billion for the month.

During the first three months of 2024, the exports decreased by 0.2 per cent to USD 70.99 billion while imports grew by 3.8 per cent to USD 75.47 billion.

In March, exports of industrial items decreased 12.3 per cent from the same month last year, led by a 12.4 per cent decline in shipments of automotive items and a 9.9 per cent decline in sales of agro-industrial items.

Despite recent challenges, Thai export growth in key markets signals a positive economic trajectory as the country continues to navigate global trade dynamics with resilience.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.