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Thai Exports down 5% in May, for Five Consecutive month

Thai Exports dropped for the fifth consecutive month in May, by 5% year-on-year to US$18.43 billion

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Thai exports continued to contract in May, dropping 5% year-on-year and bringing the contraction in the 5-month period to 4.2%.

Thai Exports dropped for the fifth consecutive month in May, by 5% year-on-year to US$18.43 billion, while imports plummeted by 19.97% to $16.01 billion.

The figures translated into a trade surplus of $2.42 billion for the month, according to Somkiat Triratpan, director of the Commerce Ministry’s Bureau of Trade and Strategy.

From January to May, exports dropped 4.2% year-on-year to $88.694 billion while imports declined 9.39% to $85.37, representing a trade deficit of $3.32 billion.

 

Source: Exports continue to slump by 5% in May

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Asia’s slow rate of vaccination is a thorn in the region’s economic recovery

Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.

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Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.

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Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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