2017年 06月 24日

Surge in Thailand’s May Exports Brightens Economic Outlook

Thailand’s customs-cleared exports rose for a third straight month in May, handily beating expectations, as global demand improved, suggesting the trade-dependent economy was gaining momentum.

Exports climbed 13.2 percent in May from a year earlier, the fastest pace in 52 months, after April’s 8.5 percent increase, commerce ministry data showed on Thursday (22/06). A Reuters poll expected a 6.3 percent growth in May.

“A global economic recovery helped lift our exports to all key markets. Shipments of capital goods and agricultural products continued to grow,” said Pimchanok Vonkhorporn, an official at the commerce ministry.

In January-May, exports rose 7.2 percent from a year earlier, the highest pace in six years. Shipments are worth about two-thirds of Southeast Asia’s second-largest economy and are just recovering after years of weakness.

The ministry is confident of achieving its 2017 export growth target of 5 percent and sees a strong baht as a short-term factor, Pimchanok said.

The baht gained more than 5 percent against the dollar this year, competing with the Malaysian ringgit to be Southeast Asia’s strongest performer.

With the upbeat exports, Kasikorn Research Center plans to raise its 2017 export growth forecast from 2 percent, said economist Pimonwan Mahujchariyawong.

The export growth in May was led by stronger shipments of capital goods, with electronics exports jumping about 24 percent from a year earlier after a mere 3 percent rise in April and a 0.7 percent contraction in 2016.

Exports to China, the United States and Japan, Thailand’s top three markets in May, rose 28.3 percent, 8.8 percent and 25.7 percent year-on-year, respectively.

Thai economy is expected to grow at least 3.5 percent this year versus 3.2 percent growth last year, Deputy Prime Minister Somkid Jatusripitak said.