Thailand’s Exports Outperform Projections with 7.2% Surge in May

Thailand’s exports witnessed a significant increase for the second consecutive month in May, rising by 7.2% compared to the previous year, as confirmed by the commerce ministry on Friday. This figure surpassed analysts’ expectations, marking a notable achievement.

The May export growth exceeded the forecasted 1.89% year-on-year increase indicated in a Reuters poll, following a 6.8% upturn in April. Over the initial five months of 2024, exports surged by 2.6% from the previous year. Despite challenges, the ministry maintained its export growth target for the year at 1% to 2%, following a 1% decline in 2023.

Poonpong Naiyanapakorn, the head of the ministry’s Trade Policy and Strategy Office, highlighted the impact of geopolitics on freight rates and trade during a press conference while expressing optimism about the outlook.

In contrast, May imports experienced a decline of 1.7% from the previous year, deviating from the 0.47% decline predicted in the poll. Thailand achieved a trade surplus of $0.66 billion in May, in contrast to the anticipated deficit of $0.84 billion.