Thailand: Export down nearly 2 pct in first five months
Thailand’s export in the first five months shrank by 1.9% to US$86.99 billion, according to Thailand’s Ministry of Commerce (MOC).
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In May alone, the export value declined 4.4% to US$17.62 billion.
The MOC attributed the decrease to difficulties facing the global economy and the low price of agri-products and oil.
The devaluation of Pound caused by the UK’s decision to leave the European Union will further bite into Thailand’s export value in two to three months to come, it said.
The MOC said if export value maintains at US$17 billion per month from now to the end of the year, the total export earnings will go down for the whole year. But, export is expected to rise in the second half.
In order to achieve the growth target of 5%, the export will bring home US$19-20 billion per month from now until the end of this year.
In May, the import rose 0.5% from a year ago to US$16.08 billion, resulting in a trade surplus of US$1.54 billion.
In the January-May period, Thailand’s import value dropped 10.25% to US$76.54 billion, generating a trade surplus of US$10.45 billion.
