Thailand Trade Trends October 2023

According to data released by the Ministry of Commerce of Thailand on November 27, the country's exports grew by 8 per cent year-on-year to USD 23.6 billion in October 2023, the highest increase in the last 13 months, after posting a 2.1 per cent raise in the previous month. In the same period, imports expanded by 10.2 per cent year-on-year to USD 24.4 billion, exceeding market forecasts of 6 per cent and marking the first increase since February 2023.

Meanwhile, in the first ten months of 2023, the country's exports decreased by 2.7 per cent, while imports fell by 4.6 per cent from the previous year.

Exports to the United States increased by 13.8 per cent year-on-year in October 2023, while shipments to Southeast Asian countries climbed by 4.5 per cent, and to China rose by 3.4 per cent.

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