Kasikorn Research Center analyzed that Thai exports in June 67 contracted by 0.3% (YoY), contrary to market expectations. The drag was the export of fresh durian to China, which decreased by 42.9% (YoY), while automobile exports turned to expand, including electronic product exports that continued to expand.
In the second half of this year, Thailand’s export trend has expanded lower than the first half of the year, which expanded by 2.0% (YoY) due to increased negative risk factors, including the slowdown in trading partner economies and structural problems. The value and complexity of Thai exported products is relatively low, as reflected by the expansion of Thai electronic product exports at a lower rate than advanced electronic exporting countries such as South Korea and Vietnam.
The economies of major trading partners in the second half of the year are likely to grow at a slower pace due to weak domestic demand, such as the United States and China, with Thai exports to these markets accounting for appr
oximately 30% of all Thai exports. In addition, the United States has seen continuous increases in its inventory, up 1.6% since the beginning of the year, which may result in a slowdown in imports in the future.
Kasikorn Research Center still estimates that overall Thai exports in 2024 will expand by 1.5%, while still monitoring the issue of the US presidential election, which is still uncertain.
Source: Thai News Agency