Thai exports grow substantially, but imports still surging ahead
Thailand’s export sector saw a growth of over 10 per cent in May and almost 13 per cent in the first five months of this year, Commerce Minister Jurin Laksanawisit said on Friday.
This healthy growth is expected to continue for the remainder of the year, and the Commerce Ministry’s target of 4 to 5 per cent expansion for 2022 is likely to be achieved, he said.
Jurin, who doubles as deputy prime minister, said exports would continue to serve as the economy’s main driving force this year, with tourism coming in a close second.
In May, Thailand’s exports were worth US$25.5 billion (905.2 billion baht), marking a 10.5 per cent increase year on year. Imports during the month totalled $27.3 billion (969.1 billion baht), marking a 24.2 per cent hike. This resulted in a trade deficit of $1.8 billion (63.9 billion baht) in May.
The first five months of the year saw exports rise 12.9 per cent, at a total value of $122.6 billion (4.3 trillion baht), while imports expanded 20.2 per cent, totalling $127.3 billion (4.5 trillion baht). The trade deficit in the first five months of this year totalled $4.7 billion (166.8 billion baht).
The commerce minister attributed the rise in Thai exports to five key factors: successful policy in exporting food and beverages, the Thaifex-Anuca Asia 2022 food expo, implementation of free trade agreements, global economic recovery, and a weaker baht that makes Thai products more competitive.
