02/12/2024 - Luxury Marketplace

Thai Exports Continued to Grow in September Raising Prospects for an Upward Revision in 2024

Despite the cooling trends in exports, SCB EIC anticipates growth to surpass initial estimates of 2.6% for the year, propelled by rising gold exports and strong electronic sales.

In September 2024, Thai exports grew 1.1% YOY, slowing from 7% growth. Total exports reached USD 223,176 million for the year, with challenges from global trends and market fluctuations ahead.

Exports Show Cooling Trends in September 2024

In September 2024, Thailand’s exports totaled USD 25,983.2 million, reflecting a modest year-over-year growth of 1.1%. This growth slowed from the previous month’s 7% and fell short of analysts’ expectations of 2.9%. Notably, the total export value for the first three quarters of the year reached USD 223,176 million, indicating a 3.9% growth on a customs basis. The decline in growth can be attributed to factors such as a slowdown in computer exports and the first year-on-year decline in gold exports in five months, influenced by a high base effect from last year.

Key takeaways

Thailand’s GDP growth accelerated to 3.0% y-o-y in Q3, the fastest since Q3 2022, with a seasonally adjusted quarterly increase of 1.2%, signaling strong economic momentum.
The initiative enhances financial inclusion by enabling seamless digital transactions, benefiting urban and rural populations, and stimulating consumer spending, particularly for small businesses.
Thailand’s focus on digital finance positions it as a regional leader, attracting foreign investment and fostering a tech-driven, sustainable economic growth trajectory.

Thailand’s automotive industry to get “responsible business” toolkit from ILO

The International Labour Organization (ILO) has developed a new toolkit to enhance social dialogue between employers and workers in Thailand’s automotive supply chain. This toolkit aims to strengthen responsible business conduct in the sector.

Nearby car dealerships

The toolkit was developed in response to an ILO report which found that social dialogue and worker representation within the automotive industry needed improvement to address issues like discrimination, excessive working hours, and a lack of training and career progression opportunities.

This industry-oriented toolkit provides a comprehensive set of guidelines, interactive training, and mentoring and advisory services for automotive businesses in Thailand.