BANGKOK -- Thailand's exports rose for a fifth straight month in December but at a slower pace and less than analysts' forecasts, and the commerce ministry said on Friday that it expected small export growth in 2024 after a slight drop last year.
Customs-based exports rose 4.7 percent in December from a year earlier, compared with a forecast for a 6.0 percent year-on-year increase in a Reuters poll, and following November's 4.9 percent rise.
December exports, a key driver of Thailand's economy, dropped 2.9 percent from the previous month.
"Geopolitical problems that affect global trade and pose risks to the global supply chain remain a significant factor that need monitoring as they could impact future exports," the ministry said.
China's economic slowdown will also have a big impact on Thai exports this year, Keerati Rushchano, the ministry's permanent secretary, told a briefing.
China was Thailand's second-largest export market in 2023 with a 12 percent market share, after the United States' 17.2 percent share.
As exports dropped one percent last year, Keerati said the ministry's 2024 working target for export growth of one percent to two percent "is challenging".
In December, shipments of cars and car parts as well as electronics increased but exports of chemicals dropped.
Rice export volumes increased 4.1 percent in December from a year earlier, with the value up 27 percent. Rice shipments rose 13.7 percent to 8.76 million metric tons in 2023.
Rice exports saw high demand due to concerns over food security, Keerati said.
In December, shipments to the United States rose 0.3 percent from a year earlier and those to Japan dropped 3.7 percent, while exports to China increased two percent.
December imports fell 3.1 percent year-on-year, creating a trade surplus of $0.97 billion.
Full-year 2023 imports dropped 3.8 percent annually while the country's trade deficit stood at $5.2 billion.