BANGKOK: Thai exports continued to contract in May, dropping 5.01% year-on-year and bringing the contraction in the 5-month period to 4.2%. Exports dropped for the fifth consecutive month in May, by 5.01% year-on-year to UScopy8.43 billion, while importsplummeted by 19.97% to copy6.01 billion.
The figures translated into a trade surplus of $2.42 billion for the month, according to Somkiat Triratpan, director of the Commerce Ministry’s Bureau of Trade and Strategy.
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From January to May, exports dropped 4.2% year-on-year to $88.694 billion while imports declined 9.39% to $85.37, representing a trade deficit of $3.32 billion.
Farm exports contracted at a slower paceby 2.8% year-on-year, in line with the global price trend although some items saw a rise in volume. Exports of manufacturing products also dropped in May by 4.5%, compared to the same month in 2014.
Mr Somkiat said exports to the US, China and neighbouring countries including Cambodia, Laos, Mayanmar and Vietnam still increased in May. However, shipments to 15 European Union countries dropped by 13.7% and those to Japan contracted by 4.1%.
He said Thailand was still able to maintain market shares in several markets such as the US, China, Japan, India, Singapore, Philippines, Malaysia, Hong Kong, South Korea, Australia and Taiwan. The ministry set the target of 1.2% growth for the whole year as it is confident the outlook will improve in the second half.
