Exports drop for two consecutive months in May

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BANGKOK – Thai exports in the month of May were recorded at a negative 4.4 percent, the second consecutive month of decline.

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Somkiat Triratpan, Director of the Commerce Ministry’s Office of Trade Policy and Strategy, disclosed that the combined value of Thai exports in May fell to 17.6 billion US dollars, representing a 4.4 % decrease month on month. The figure was down for the second month running, he said, adding that the main factor contributing to the lower than expected figure was the global economic fluctuation following the World Bank’s decision to revise the gross world product down to 2.4 %.

The decline in May resulted in a 1.9 % decrease in Thai exports in the first five months of 2016, with a total export value of 86.99 billion dollars.

Despite the negative numbers, the director remains optimistic, saying he strongly believes Thai exports will rebound in the second half of 2016 while the Ministry of Commerce will maintain this year’s export growth prediction at 5 %.

The country’s trade surplus was 10.4 billion dollars in the first five months while the surplus in May was 1.5 billion dollars.