Bangkok: Exports in the first 10 months of the year grew by 13.0 percent, with expectations for the final two months to see a 10.7% increase. Concerns are mounting over a potential slowdown in 2026, attributed to the effects of US tariffs.
According to Thai News Agency, Mr. Nantapong Jiralertpong, Director of the Office of Trade Policy and Strategy at the Ministry of Commerce, reported that exports in October rose by 5.7%, marking 16 consecutive months of growth. This has contributed to a 13% growth in exports over the first ten months of the year. While agricultural products, particularly rice, faced a contraction of 31.5%, exports to major markets such as the United States, China, and the European Union, as well as secondary markets like South Asia, the Middle East, and Latin America, have continued to expand. This expansion persists despite the pressure from increased US tariffs.
Mr. Nantapong highlighted that the continued export growth is supported by the steady demand for electronic and automotive products, alongside the expanding global manufacturing sector, which is benefiting from new orders. However, Thai agricultural exports have continued to contract, with key markets slowing after a previous surge in imports. Notably, exports to the United States increased by 32.9%, China by 9.3%, Japan by 1.9%, the European Union (27) by 9.9%, and ASEAN (5) by 5.4%.
Looking ahead, Mr. Nantapong predicts that exports in the final two months will generate approximately US$25-26 billion, reflecting an increase of about 10.7-11.4 percent. He noted that export orders typically peak towards the year's end. However, this year's severe flooding in the South, particularly impacting Malaysia, a key market, will be factored into the export sector's damage assessment next Wednesday. Thailand maintains its position as the top exporter in ASEAN.