BANGKOK- Thailand’s exports grew in October at the fastest pace in three months, beating analysts’ forecasts, as the commerce ministry anticipated strong final-quarter growth would see its full-year target surpassed.
Exports, a key driver of Southeast Asia’s second-largest economy, rose 14.6 percent in October annually, well above a forecast 5.2 percent rise in a Reuters poll, and followed September’s 1.1 percent rise.
Exports are expected to grow strongly in the last quarter of 2024 and increase by 4 percent for the year to beat the ministry’s target of 2 percent, said Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office.
“We haven’t adjusted our target but will beat it,” he told a press conference.
Exports rose 4.9 percent in the first 10 months of 2024 from the same period in 2023.
Shipments will be supported by the recovery of industrial sectors in key trading partners, relaxed global monetary policies, growth in farm and food product exports during the holiday season, and reduced logistics costs, the ministry said.
Poonpong said he was not concerned if the United States takes action on countries which it has trade deficits, which would include Thailand.
“We are preparing. We not worried because that will apply to all countries, not just our country,” he said. The commerce minister planned to travel to the United States early next year to discuss the matter with US officials, he said, adding “we’ll negotiate”.
