Thai exports in 2024 grew 5.4%, exceeding 300,000 million dollars — the highest on record
In 2024, Thai exports reached a new high, totaling 300,529.5 million US dollars, a 5.4% increase from the previous year—the highest growth rate on record. Contributing factors include the global economic recovery, increased demand from trading partners, and the adaptability of Thailand’s manufacturing sector in effectively meeting international market needs.
Agriculture and agro-industrial sectors as the main growth drivers
The agricultural and agro-industrial sectors played a crucial role in driving Thai exports, with a total value of 52,185.0 million US dollars, growing 6.0% from the previous year. Top export products included fresh, chilled, frozen, and dried fruits, rice, rubber, chicken, and cassava products. Major export destinations were China, Japan, the United States, Malaysia, and Indonesia.
Continued growth in industrial product exports
In 2024, Thai exports of industrial products expanded by 5.9%. Key products showing growth included computers, equipment and components, rubber products, gems and jewelry, machinery and parts, chemicals, and air conditioners and parts. Exports to key markets such as the United States, China, Japan, the European Union, and CLMV countries continued to grow steadily.
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2025 Outlook: Slower growth forecast
The Ministry of Commerce forecasts that Thai exports in 2025 will grow by 2–3%, supported by global economic trends that are expected to maintain a similar growth level. The relocation of manufacturing bases to ASEAN countries, including Thailand, and the strategic promotion of Thai soft power alongside export products to build a strong global identity are expected to support exports. However, challenges remain, including uncertainties in U.S. trade policy, ongoing geopolitical tensions, currency fluctuations, and tariff barriers, which may affect Thailand to some extent.
Policy recommendations: Adding value and promoting sustainability
To maintain and enhance Thailand’s export competitiveness, it is recommended to promote high-value agricultural and agro-industrial products such as premium processed foods, identity agricultural goods, and products with geographical indications (GI). Additionally, advancing innovation and production technologies will help add value and ensure sustainability in the supply chain.
An example is 304 Industrial Park, provides land for sale along with built to suit factory service which supports and is ready to supply hybrid renewable energy system, including solar energy with a total capacity of 157 MW and biomass energy produced from agricultural waste with a total capacity of 398 MW. This ensures the delivery of clean, sufficient energy to customers and contributes to long-term environmental sustainability.
In summary, Thai exports in 2024 saw significant success. However, to sustain and strengthen future competitiveness, it is essential to adapt and develop policies that align with global economic changes—particularly in areas suitable for green industrial factories (Green Industry), which emphasize minimal environmental impact and efficient resource use.
An example is 304 Industrial Park, provides land for sale along with built to suit factory service which supports and is ready to supply hybrid renewable energy system, including solar energy with a total capacity of 157 MW and biomass energy produced from agricultural waste with a total capacity of 398 MW. This ensures the delivery of clean, sufficient energy to customers and contributes to long-term environmental sustainability.
source:
- https://www.bangkokbiznews.com/business/economic/1165168
- https://www.bangkokbiznews.com/business/economic/1163354
- https://www.thaigov.go.th/news/contents/details/92752?fbclid=IwZXh0bgNhZW0CMTAAAR1TIJLUq4kq6w3OIu3chtW1XAY-fLBPUemVXN3Ov3-igazo-OHlpYu6150_aem_mUAGLmdzKZFMJdfOLzfAAQ
- https://tpso.go.th/news/2502-0000000023
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