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Thailand: May export growth at 52-month peak
The value of Thailand’s exports rose 13.2% year-on-year in May – the fastest in 52 months – to UScopy9.94 billion and the country posted a trade surplus of $944 million.
Pimchanok Vonkorpon, director-general of the Commerce Ministry’s Trade Policy and Strategy Office, said on Thursday the increase was driven by the ongoing recovery of the global economy, which directly benefitted Thai exports.
Exports of farm and agro-industrial products grew significantly by 17.6% in May, the seventh consecutive monthly rise.
Ms Pimchanok said the Commerce Ministry maintained its export growth projection for this year at 5%.
May imports were up 18.2% to copy9 billion, resulting in a trade surplus of $944 million.
In the first five months of this year, exports were estimated at $93.26 billion, rising 7.2% – a six-year peak. Imports were up 15.2% to $88.21 billion, resulting in a trade surplus of $5 billion.
Ms Pimchanok said exports to major markets rose 15.2%, and 20% in high potential markets. There were large increases in all categories of products.
Shipments of industrial products were up 12.8% to copy5.6 billion in May, rising for the third consecutive month.
Exports were growing fast to the Chinese market, up 28.3%, and expanded by 6.3% to secondary potential markets, especially to the Middle East, which rose 11.7%, a 38-month peak.
The outlook for the rest of this year was positive because the economies of Thailand’s trading partners were recovering and prices of crude oil, key farm products and oil- related products were higher than last year, Ms Pimchanok said.
Source: http://www.bangkokpost.com/business/news/1273666/may-export-growth-at-52-month-peak