Thailand: Exports continue to falter in May
In May, Thailand recorded a small trade surplus of USD 0.2 billion, contrasting the USD 1.5 billion shortfall in April. However, the 12-month moving sum of the trade balance narrowed markedly from a USD 3.8 billion surplus in April to a USD 2.6 billion surplus in May.
On the year, exports dropped a whopping 6.2% in May, markedly worse than the 2.8% contraction in April. In fact, this marked the steepest drop in nearly three years. The drop in exports came on the back of broad-based declines as only two categories recorded growth in outbound shipments. Particularly, exports of vehicles, parts and accessories witnessed a strong drop. Imports, meanwhile, dropped 0.7% year-on-year in May and matched the figure of the prior month.