Thailand Trade Balance May 2022

Thailand

Thailand: Merchandise exports increase in May

July 1, 2022

Merchandise exports jumped 10.5% year-on-year in May, on the heels of April’s 9.9% rise. Meanwhile, merchandise imports soared 24.1% in annual terms in May (April: +21.5% yoy), marking the strongest result since December 2021.

As a result, the merchandise trade balance improved from the previous month, recording a USD 1.9 billion deficit in May (April 2022: USD 1.9 billion deficit; May 2021: USD 1.0 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 2.3 billion deficit in May, compared to the USD 0.6 billion surplus in April.

FocusEconomics panelists project exports to grow 5.0% in 2022 and imports 7.6%, which would bring the trade surplus to USD 36.1 billion. In 2023, exports and imports are expected to increase 5.0% and 5.8% respectively, with the trade surplus at USD 36.1 billion.


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