BANGKOK- Thailand’s exports beat expectations as they posted a seventh straight rise in January, and the commerce ministry on Tuesday maintained its forecast that shipments were expected to grow 2 percent to 3 percent this year amid uncertainty over US trade policy.
Exports a key driver of Southeast Asia’s second-largest economy, increased 13.6 percent in January from a year earlier, beating a forecast for a 7.15 percent rise in a Reuters poll, and compared with December’s 8.7 percent increase.
Exports were seen posting double-digit growth in the first quarter, boosted by concerns about US President Donald Trump’s tariffs, PoonpongNaiyanapakorn, head of the Trade Policy and Strategy Office, told a press conference.
“Exports were driven by pre-orders due to uncertainty from Trump’s measures,” he said, adding Thailand was trying to import more from the US to reduce its bilateral trade surplus, which was $35.4 billion last year.
“We have to see what can reduce the deficit with them. Can we import more corn and soybeans than we already import as well as crude oil?”.
Imports rose 7.9 percent in January from a year earlier, above a forecast rise of 2.95 percent.
That led to a trade deficit of $1.88 billion in January, in line with a forecast deficit of $1.9 billion.
In 2024, Thailand’s exports rose by 5.4 percent to a record $301 billion. The ministry has forecast a more moderate rise of 2 percent-3 percent due to uncertain US trade policies, prolonged geopolitical tensions and fluctuations in exchange rates.
Commerce Minister Pichai Naripthaphan has said he hoped Thailand would not face US tariffs, amid concerns that the country’s trade surplus with Washington could become an issue.
In January, exports to the United States, Thailand’s biggest market, rose 22.4 percent from a year earlier, while shipments to China rose an annual 13.2 percent.
Rice export volumes declined by an annual 32.8 percent in January. Thailand, the world’s second-largest rice exporter after India, is expected to ship 7.5 million tons this year, down from 9.95 million tons in 2024, following India’s resumption of rice exports, according to the commerce ministry.
