27-6-2023 (BANGKOK) Thailand’s customs-based exports in May experienced a 4.6% contraction compared to the same period last year, according to the Commerce Ministry’s announcement on Tuesday.
This figure defied expectations, as a Reuters poll had projected an 8% year-on-year drop for May, following April’s 7.6% decline.
Exports play a vital role in driving Thailand’s economic growth; however, they have been hampered by sluggish global demand. Nonetheless, officials have expressed optimism, pointing to the support provided by a weaker baht currency.
Keerati Rushchano, the permanent secretary of the Commerce Ministry, highlighted the positive impact of the slightly weakening baht on overall export performance during a press conference. He also expressed a positive outlook for the global economy.
Despite the challenging conditions, the ministry remains committed to its export growth target of 1%-2% for the entirety of 2023.
