Bangkok, Krungthai COMPASS reveals the export value in December 2023 was at 22,791.6 million US dollars, expanding 4.7%, keeping an eye on the Red Sea crisis, putting pressure on exports in 2024, especially agricultural products and food. air conditioner Krungthai COMPASS Research Center revealed that export value in December was 22,791.6 million USD, expanding 4.7% compared to 2022, but slowing down from the previous month's expansion of 4.9% and lower than the market's expectation of 6.0%. Exports of industrial and agricultural products continued to expand as world trade conditions improved. However, agricultural exports returned to contract. As for gold exports this month, they expanded by 787.5%, making it less expensive when gold is deducted. This month's export value expanded 3.0%. Exports in 2023 were negative 1.0%. Exports of industrial products expanded for the third consecutive month at 5.0% compared to the previous year. Important products that expanded include automobiles, equipment and compone nts. computer Equipment and components, rubber products, iron, steel and products And gems and jewelry do not include gold. Meanwhile, important products that contracted include chemicals, air conditioners, and components. and motorcycles and components As for exports of industrial products in 2023, they contracted by 1.0%. Exports of agricultural and agro-industrial products returned to contract by 3.2% following agricultural exports that contracted by 8.3%, while agro-industrial products continued to expand at 3.6%, with important products that expanded including rice, rubber, pet food. Processed chicken and beverages Meanwhile, important products that contracted include fresh/chilled/frozen/dried fruits. Canned and processed seafood Cassava products and fats and oils from plants and animals, etc. For exports of agricultural and agro-industrial products in 2023, they shrank by 0.7%. However, the value of imports in December was 21,818.8 million US dollars, which returned to contract by 3.1% from the previ ous month's expansion of 10.1%, including raw materials and semi-finished products. Consumer products and fuel products As a result, the trade balance in December returned to a surplus of 972.8 million US dollars, while the full year 2023 figure was a deficit of 5,192.5 million US dollars. Meanwhile, the protracted conflict in the Red Sea is a risk that will put pressure on exports. Especially exporting products to Europe. Attacks on merchant ships passing through the Red Sea route by Houthi rebels have not yet ended. As a result, freight rates will continue to increase. As of January 25, 2024, freight rates for containers on Asia to Southern Europe routes will increase. and Asia to Northern Europe. Increased by more than 300% from the end of November 2023, causing importers' transportation costs to increase. As a result, Europe tends to switch to importing products from other countries that have lower shipping costs than importing from Thailand or Asia. Important products that may be affected include agricu ltural products and food. air conditioner Electrical transformer electronics and motorcycles etc. Source: Thai News Agency