BANGKOK: Thailand’s customs-cleared exports rose for a third straight month in May, handily beating expectations, as demand from major markets increased, suggesting the trade-dependent economy was gaining momentum.
Exports climbed 13.2% in May from a year earlier after April’s 8.5% increase, commerce ministry data showed on Thursday. A Reuters poll expected an annual rise of 6.3% in May.
The jump in exports was the highest annual pace in 52 months.
Exports of electronics jumped 24.2% in May from a year earlier while overall vehicle and parts shipments rose 12.5%.
In January-May, exports rose 7.2% from a year earlier, the highest pace in six years, Pimchanok Vonkhorporn, an official at the Commerce Ministry, said at a briefing.
Overall shipments, worth about two-thirds of Thailand’s growth, are just recovering after years of weakness.
The commerce ministry is confident of achieving its 2017 export growth target of 5% and sees a strong baht as a short-term factor, Pimchanok said.
The baht has gained more than 5% against the US dollar this year, competing with the Malaysian ringgit to be Southeast Asia’s strongest performer.
Imports in May surged 18.2% from a year earlier, above the forecast of a 10.7% increase and April’s 13.4% jump.
The May trade numbers produced a trade surplus of US$0.94 billion, compared with a poll forecast of US$1.16 billion and US$57 million surplus in April.
Many of the materials Thailand imports are assembled into completed goods and shipped out again.
