Thailand’s exports maintained their upward trend for the second consecutive month in May, registering a 7.2% year-on-year increase according to the Commerce Ministry. This result surpassed analysts’ predictions and marked a notable improvement from April’s 6.8% growth.
During the first five months of 2024, exports grew by 2.6% compared to the previous year. The Commerce Ministry reaffirmed its export growth projection of 1% to 2% for the year, following a 1% decline in 2023.
Poonpong Naiyanapakorn, the head of the Trade Policy and Strategy Office at the ministry, highlighted the influence of geopolitics on trade and freight rates during a press conference. Despite these challenges, he expressed optimism about the future outlook.
In contrast, May imports in Thailand fell by 1.7% year-on-year, diverging from the smaller predicted decline of 0.47% from the Reuters poll. The country recorded a trade surplus of $0.66 billion in May, in contrast to an anticipated deficit of $0.84 billion.
