Exports dropped 2.14% in May

Exports dropped 2.14% in May year-on-year but the outlook is promising with the Commerce Ministry projecting growth of 3.5% in 2014.

Nuntawan Sakuntanaga, director–general of the International Trade Promotion Department, said Thailand shipped US$19.4 billion of good in May, down 2.14% from the same period last year. Imports totalled $20.208 billion, for a trade deficit of $808.8 million for the month.

Exports dropped for three consecutive months, March to May, due to lower global farm prices particularly rubber, sugar, seafood and tapioca, despite a rise in volume of exports of these farm items over the period.

For the first five months of this year, exports totalled $92.86 billion, down 1.22% y-o-y, while imports contracted at 14% to $94.41 billion. As a result, the country had trade deficit of $1.55 billion over the period. 

Ms Nuntawan said the ministry revised its export projection for the whole year to 3.5%, in the expectation the global economic growth is at 3.6-3.7% as forecast by the International Monetary Fund and the exchange rate at 31.50 baht to the dollar. 

If Thailand wants to achieve the target for the year, the monthly export value must be around $20 billion from June until December, she said.

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