Thai May exports drop 4.6% y/y, beat forecast
2023.06.27 00:19
© Reuters. FILE PHOTO: Cargo ships are pictured near the port in Bangkok, Thailand, March 25, 2016. REUTERS/Athit Perawongmetha/File Photo
BANGKOK (Reuters) – Thailand’s customs-based exports in May contracted 4.6% from a year earlier, the commerce ministry said on Tuesday.
The reading compared with an 8% year-on-year drop forecast for May in a Reuters poll, and came after April’s 7.6% drop.
Exports, a key driver of Thai growth, have been weak due to slowing global demand but officials have said a weaker baht currency should lend some support.
“A positive factor overall for exports was the slightly weakening baht,” Keerati Rushchano, the ministry’s permanent secretary, told a press conference.
“The outlook for global economy should also be positive,” he added.
The ministry maintained its target of 1%-2% export growth for the whole of 2023.
