thailand's gold exports surged in july, driving a sharp increase in total export value
2024-09-06
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china news service, bangkok, september 5 (reporter li yingmin) the thailand kasikorn research center released a report on the 5th saying that thailand's gold export volume and export price both increased in july, pushing thailand's total export value to increase by 15.2% year-on-year.
the report said that in july, the value of thailand's gold exports increased by 434.1% year-on-year. the reason was that the tension in the middle east continued and major central banks around the world, especially the federal reserve, tended to lower interest rates in the short term. gold is popular in the market for its safe-haven and value-preserving functions. since may, thailand's gold exports have shown a rapid growth momentum.
according to a report from the trade policy and strategy office of the ministry of commerce of thailand, the total value of thailand's exports reached us$25.72 billion in july 2024, a year-on-year increase of 15.2%, the highest growth rate in 28 months. against the backdrop of a rebound in global demand for thai products, the sharp increase in exports of gold and electronic products in particular has driven the growth of overall exports. although the report does not directly mention the specific value of gold exports, it can be inferred that due to the "substantial increase" in gold exports, its contribution to the overall export growth is significant.
although the total value of thailand's exports in july increased significantly year-on-year, thailand's exports are still facing pressure from the global economic slowdown and the weakening purchasing power of consumers in trading partners. the manufacturing purchasing managers' index (pmi) of almost all major trading partners in july and august was below 50, which will be a negative factor affecting thailand's exports in the next stage.
kresearch believes that in the next stage, thailand's exports will also face pressure factors brought by the decline in product competitiveness, as well as increased risks caused by climate change and natural disasters that may cause losses in agricultural product output. therefore, kresearch still maintains its forecast that thailand's total export value will increase by 1.5% year-on-year in 2024. however, if the value of gold exports continues to grow significantly, the increase in the total export value for the whole year is expected to exceed the above expectations.
(source: china news network)
