In May, Thailand’s exports experienced a smaller contraction than expected, thanks to higher shipments of industrial goods and a weakening baht. According to the commerce ministry, customs-based exports declined by 4.6% compared to the previous year, surpassing the forecasted 8% drop. However, compared to April, exports saw a 12% increase.
The weakening baht played a positive role in overall exports, according to Keerati Rushchano, the ministry’s permanent secretary.
So far this year, the baht has depreciated by 1.8% against the dollar.
Keerati also mentioned that the global economic outlook is expected to improve, which will have a positive impact on exports for the rest of the year. The ministry maintains its target of 1-2% annual export growth for 2023.
Despite global economic uncertainty, the global manufacturing sector has shown signs of recovery from production chain disruptions, according to the ministry.
In May, exports of industrial goods increased by 1.5% compared to the previous year, marking the first growth in eight months. This growth can be attributed to higher shipments of automobiles and semiconductors.
However, shipments of agricultural goods, particularly rubber, declined significantly, with a 27% drop compared to the previous year. On the other hand, rice exports saw a significant increase of 85% compared to May 2022.
In terms of export destinations, shipments to the United States rose by 4.2% year-on-year in May, while shipments to Japan fell by 1.8%. Exports to China experienced a significant decline of 24% due to the country’s uncertain economic recovery.
Thailand recorded a trade deficit of $1.8 billion in May, higher than the forecasted deficit of $300 million. Imports also experienced a 3.4% year-on-year drop.
For the period of January to May, exports declined by 5.1% compared to the previous year, while imports were down by 2.5%. The trade deficit for this period stood at $6.4 billion.
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Denial of responsibility! SamacharCentrl is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
