Thailand reported a 10.6% year-over-year increase in exports for May, the commerce ministry announced on Thursday. This result came in below market forecasts, with analysts anticipating a 12% gain, and follows a 23.1% expansion recorded in April.
Imports saw a significant rise, climbing 35.1% compared to the previous year. The trade balance for May showed a deficit of $5.71 billion, smaller than the $6.12 billion shortfall projected in a Reuters survey.
The commerce ministry remains optimistic, projecting further growth in exports over the coming months. In its most recent guidance, the ministry outlined an expected 3% growth in exports for the year under its base-case scenario, with possible outcomes ranging from a 3% decline to an 8% increase. Notably, Thailand’s exports in 2025 had seen a 12.9% rise.
According to the Bank of Thailand’s statement on Wednesday, the Thai economy is projected to expand by 2.3 and 1.8 percent in 2026 and 2027, respectively. Growth has been stronger than previously anticipated, supported by merchandise exports and private investment associated with the technology and AI cycle, government measures to alleviate the impact of the energy crisis, as well as an improvement in the situation surrounding the Middle East conflict.
