May exports rise 10.5% year-on-year, top forecasts 

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Thailand’s exports in May jumped by 10.5 per cent from a year earlier, beating market expectations of 6-8 per cent growth, the Ministry of Commerce said on Friday. 

Export value in May stood at US$25.5 billion, Commerce Minister Jurin Laksanawisit told a virtual briefing. This marks a 15th straight month of export rise thanks to recovery in global demand.

For the first five months of 2022, the exports grew by 12.9 per cent from a year earlier. 

“Policy to enhance agricultural and food-beverage exports were effective,” Jurin explained, “especially fresh fruit shipments to China.”

According to Jurin, the world’s food security as a result of the Russia-Ukraine war has bolstered Thailand’s food exports, while the weakening baht has allowed exporters to negotiate their pricing.

Thai imports in May also rose by 24.2 per cent from a year earlier to US$27 billion, yielding a deficit for the month of US$1.9 billion. Thailand saw a total deficit of US$4.7  billion in the first five months. 

Despite the export growth exceeding 10 per cent in the first five months, the ministry maintains its conservative export growth projection for 2022 at 4 to 5 per cent.

“Exports will remain a key engine for Thailand’s economy this year, while tourism is stepping in,” Jurin added.

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