Thailand recorded its strongest export growth in over three years this May, thanks largely to a surge in shipments to the United States.
Exports leapt 18.4% year-on-year in May, reaching an all-time high of $31 billion. This robust performance significantly surpassed analyst expectations, with a Reuters poll previously forecasting just a 6.7% increase.
The jump in outbound shipments has been attributed to intensified orders to the U.S., ahead of the scheduled end of a temporary American tariff exemption in early July, the commerce ministry said on Wednesday.
From January to May, exports expanded by 14.9% compared to the same period a year earlier, underpinning the country’s economic outlook.
Commerce Minister Pichai Naripthaphan expressed optimism that exports would achieve more than 10% growth this year, citing support from the relatively weak baht enhancing Thai goods’ competitiveness abroad.
Pichai stated at a news briefing that exports will be a hero for the Thai economy this year. He also highlighted positive expectations surrounding upcoming trade negotiations with the United States, which could further benefit future export figures.
