- Exports tumbled for a fifth straight month in May
- The Commerce Ministry yesterday said shipments fell by 5% year-on-year to US$18.4 billion last month.
- In the first five months, exports reached $88.7 billion, down 4.2% from the year-earlier period.
- May exports of agricultural goods fell by 2.8% year-on-year to $2.97 billion, in line with the downward trend in global farm prices, particularly for rubber, whose shipments fell by 14.4% to $370 million.
- Sugar shipments fell by 22.8% to $250 million on the month, while shrimp exports slid 16.9% to $111 million.
- May industrial exports plunged 4.5% to $14.3 billion due mainly to automotive and parts shipments, which fell by 6.8% to $2.46 billion. Oil and related products showed weakness as well.
- The decline in automobile and parts shipments was driven mainly by pickup exports, which fell by 19.3% to $4.32 billion.
- Agri prices are still weak, and the drought doesn’t help matters
- Automotives are the only driver that Thailand has but the Eco Car program has yet to have the impact expected
- Electronics aren’t going to help with a lack of new FDI in this sector
- The only positive is that Imports have decreased more rapidly
Source: Bangkok Post