Thailand's exports lower than forecast in 2023, trade deficit of 5.2 billion USD

For the whole year of 2023, Thailand's imports decreased by 3.8% while exports decreased by 1%.

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In 2023, Thailand will export 8.76 million tons of rice. (Illustration photo - Source: Shutterstock)

Thailand's customs-cleared exports rose for a fifth straight month in December 2023, rising 4.7% from a year earlier, the Commerce Ministry said on January 26. However, the figure was lower than the 6.0% increase forecast in a Reuters poll and also lower than the 4.9% increase in November 2023.

In December 2023, Thailand's imports fell 3.1% year-on-year, creating a trade surplus of $0.97 billion. During the same period, exports to China increased 2%, to the US increased 0.3%, while to Japan decreased 3.7% compared to a year earlier.

Regarding rice, rice export volume increased by 4.1% in December 2023 compared to a year earlier and increased by 13.7% for the whole year, bringing the total rice export volume for the year to 8.76 million tons.

For the whole of 2023, the country's imports decreased by 3.8% while exports decreased by 1%, creating a trade deficit of 5.2 billion USD.

The ministry targets export growth of 1.99% this year.

Thailand's economy grew 1.8% last year, down from 2.6% in 2022, due to shrinking manufacturing and exports, the Finance Ministry said on January 25.

However, the director-general of the Financial Policy Agency Pornchai Thiraveja said the Thai economy is still in better shape than during the 1997 financial crisis or the Covid-19 pandemic three years ago.

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