Thai Exports Surge 24% in August, Led by Electronics and AI

Thailand's August exports reached 34.618 billion dollars, expanding 24.3% and marking the highest growth in 56 months, according to Deputy Director Nattiya Sujinda of the Office of Trade Policy and Strategy at the Commerce Ministry. Imports grew 25.1% to 37.101 billion dollars, leaving the country with a trade deficit of 2.482 billion dollars for the month.

The export surge was fueled primarily by electronics and AI-related technology, with computer equipment and components expanding 42%. Fresh fruit exports rebounded strongly by 24%, particularly fruit shipments to China including fresh durian and mangosteen. Frozen shrimp also grew 18.8%, while animal feed expanded 17.5%.

Exports to major markets showed broad-based growth, with the United States leading at 48.7% growth, followed by Japan at 19.6%, the European Union at 23.1%, and ASEAN at 19.3%. Secondary markets grew 17.8%, with Australia surging 81%. For the first eight months of the year, total exports reached 266.149 billion dollars, up 18.9%, while imports climbed to 303.986 billion dollars, up 36.1%, resulting in a trade deficit of 37.837 billion dollars.

Sujinda projected that 2024 exports could grow 15%, exceeding the earlier forecast of 5-11% and reaching over 390 billion dollars. The remaining four months would need to average no less than 39 billion dollars monthly. The full-year trade deficit is expected to reach a historic high.

Looking ahead to 2025, Sujinda warned that export growth could turn negative due to potential escalation of conflict near the Strait of Hormuz pushing oil prices higher, slowdown in demand for AI-related electronics imports after excessive stockpiling this year, and uncertainty surrounding U.S. tariff policy that could impact Thai exports.