Thai Exports Value Falls the Most in 4 Years, Posting a Contraction of 22.5% in May

Thai exports in May shrank 22.5% year-on-year, compared to a 2.12% gain a month earlier, which disappointed market expectation of a 5.75% contract, due to a further contraction in manufacturing products. 

 

The Ministry of Commerce stated that Thailand exports for the first five months of 2020 has contracted by 3.71% and the exports value in May fell the most in 4 years since April 2016.

 

While imports continued to shrink to 34.4%, following a contraction of 17.13% a month earlier, which also dropped more than expected, due to a decline in fuel importation.

 

In May, Thailand reported a trade surplus of USD2,694 million. Meanwhile, between January – May, a trade surplus totaled USD9,090 million.