Thailand’s Ministry of Commerce has reported that May exports grew by 11.4% to over 22 billion US dollars, the 15th straight month of growth.
Thailand’s export sector has continued its growth trend, despite concerns over trade disputes between the United States and China. Exports to key markets rose last month, especially to India and the CLMV cluster, which comprises Cambodia, Lao PDR, Myanmar and Vietnam.
High-growth industrial sectors included automobiles and auto parts, computers and electronic components, chemicals, plastics and processed oil. High-growth agricultural products included rice, processed and frozen chicken and canned tuna.
The Trade Policy and Strategy Office (TPSO) expects Thai exports to maintain their growth trend and market penetration in line with global economic growth. However, short-term fluctuations can be expected as a result of US-Chinese trade measures. Meanwhile, oil prices are likely to rise in the long term, which will result in higher prices for agricultural products and commodities. Overall, the TPSO believes the export sector this year will grow by close to its target of 8%.