By Orathai Sriring, Kitiphong Thaichareon
BANGKOK (Reuters) -Thailand’s exports rose for an eighth consecutive month in February and more than expected, the commerce ministry said on Friday, although uncertainty over U.S. trade policy is clouding the outlook for the remainder of the year.
Exports, a key driver of Southeast Asia’s second-largest economy, jumped 14.0% in February from a year earlier, above a forecast rise of 9.7% in a Reuters poll and following January’s 13.6% increase.
“Exports were very good, we are satisfied,” Commerce Minister Pichai Naripthaphan told a briefing, saying exports could grow an annual 10% over the first quarter.
“Trade and investment are flowing in and free trade negotiations will help boost exports,” Pichai added.
In 2024, Thai exports rose 5.4% to a record $301 billion. The ministry has forecast a rise of 2% to 3% this year.
“It’s possible that exports will be higher than 3%. Agricultural products will return to positive in the next quarter,” said Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, adding there was no impact from U.S. trade policy on Thai exports in the first two months of this year, which increased 13.8% year-on-year.
Still, the ministry said the overall global trade situation requires close monitoring.
Thailand is trying to import more from the U.S. to reduce its bilateral trade surplus, which was $35.4 billion last year.
Thailand has discussed the issue with the private sector and wants to talk trade with U.S. officials, said Vuttikrai Leewiraphan, the ministry’s permanent secretary.
“We’re waiting for them to respond,” he said. “The negotiation guidelines are all ready, whether it is about products or various matters to be negotiated, whether it is about overall trade and investment and security issues. It will be in a package”.
Minister Pichai has previously said he hoped Thailand would not face U.S. tariffs, amid concerns the trade surplus with Washington could become an issue.
In February, exports to the United States, Thailand’s biggest market, rose 18.3% from a year earlier, while shipments to China increased 22.4%.
Rice export volumes dropped by an annual 33.1% in February. Thailand, the world’s second-largest rice exporter after India, is expected to ship 7.5 million tons this year, down from 9.95 million tons in 2024, following India’s resumption of rice exports, according to the commerce ministry.
In February, imports rose 4% from a year earlier, lower than a forecast rise of 4.8%, leading to a trade surplus of $2 billion for the month that was bigger than the forecast surplus of $0.7 billion.
(Reporting by Orathai Sriring, Kitiphong Thaichareon, Thanadech Staporncharnchai; Writing by Chayut Setboonsarng; Editing by John Mair, Martin Petty)
