Dr. Chaiyan Charoensuk, President of the Thai National Shippers' Council (TNSC) stated that the international trade situation of Thailand in October 2024 compared to the same month last year (YoY) showed that exports amounted to 27,222.1 million USD, growing by 14.6%, with a value in Thai baht of 896,735 million baht, representing a growth of 5.8% (excluding gold, oil, and military equipment, exports in October grew by 10.7%, while imports amounted to 28,016.4 million USD, growing by 15.9%, with a value in Thai baht of 934,700 million baht, representing a growth of 7.1%. This resulted in Thailand's trade balance in October 2024 showing a deficit of 794.4 million USD and a deficit in Thai baht of 37,965 million baht.

The overall international trade of Thailand from January to October 2024 compared to the same period last year (YoY) showed that Thailand's total exports amounted to 250,398.0 million USD, growing by 4.9%, with a value in Thai baht of 8,854,630 million baht, representing a growth of 8.3% (excluding gold, oil, and military equipment, exports from January to October grew by 4.8%). Meanwhile, imports amounted to 257,149.2 million USD, growing by 6.6%, with a value in Thai baht of 9,199,289 million baht, representing a growth of 9.9%. This resulted in Thailand's trade balance from January to October 2024 showing a deficit of 6,751.2 million USD or a deficit in Thai baht of 344,659 million baht.

TNSC has revised its export forecast for 2024 to a growth of 4% and projected a growth of 1-3% for 2025 (as of December 2024), with significant risk factors to monitor continuously including: 1) Geopolitical issues 1.1) Concerns about trade barriers and other policies of the United States with trading partners that have a trade surplus 1.2) The ongoing war situation in the Middle East and the Russia-Ukraine conflict 2) Manufacturing PMI continues to slow in key markets despite short-term demand for imports during major festivals and the upward cycle of electronic goods 3) The Thai baht remains volatile due to uncertainties regarding the direction of the U.S. Federal Reserve's interest rate hikes influenced by inflation and trade policies of the U.S. President 4) The situation of shipping freight rates has decreased on key routes but remains volatile due to 4.1) Rising costs such as GRI (General Rate Increase) 4.2) Ongoing negotiations for wage increases on the East Coast of the U.S. and 5) Monitoring trade measures such as 5.1) The resumption of rice exports from India affecting Thai rice exporters 5.2) The European Union postponing the enforcement of EUDR to 2026 affecting delivery prices for rubber exporters.

The Thai National Shippers' Council has made important recommendations as follows: 1) Accelerate the reduction of business costs for exporters such as 1.1) Costs for hedging against exchange rate risks and 1.2) Costs for hedging against payment risks for goods 2) Increase the budget and frequency of trade promotion activities in both major trading partner countries and secondary markets 3) Expedite free trade negotiations within existing frameworks and increase negotiations in new potential markets.