The export sector reported a 22.5 percent shrinkage in May 2020 to a 4-year-low of 16 billion U.S. dollars, resulting from the COVID-19 pandemic that has affected the global economy.

“The export value in May was recorded at 16.28 billion U.S. dollars, down by 22.50 percent year-on-year, and the import value was at 13.58 billion U.S. dollars, down by 34.41 percent,” said Pimchanok Vonkorpon, director-general of the commerce ministry’s Trade Policy and Strategy Office (TPSO).

Overall Thai export during January to May 2020 totaled 97.899 billion U.S. dollars, down 3.71 percent year on year, while import was at 88.808 billion U.S. dollars, falling 11.64 percent year on year, leaving a trade surplus of 9.0906 billion U.S. dollars for the first five months, the TPSO report said.

The Bank of Thailand worsened the export contraction outlook for 2020 to 10.3% from 8.8% previously forecast, while lowering foreign tourist arrival numbers from 15 million to 8 million this year.