Thai May export growth beats forecast with fastest pace in more than three years
[BANGKOK] Thailand's exports rose by their fastest annual rate in more than three years in May, beating expectations after shipments to the United States soared, and the commerce minister said on Wednesday (Jun 18) that they would continue to perform well in 2025.
May exports jumped 18.4 per cent from a year earlier to a record US$31 billion, compared with a forecast year-on-year increase of 6.7 per cent in a Reuters poll.
The surge in exports, a key driver of the Thai economy, was driven by accelerated shipments ahead of the expiry of a US tariff pause in early July, the ministry said.
In the first five months of 2025, exports rose 14.9 per cent from a year earlier.
'We hope export growth will exceed 10 per cent this year,' Commerce Minister Pichai Naripthaphan told a news conference, saying that the weaker baht would further support shipments.
He said exports will be 'a hero' for the economy this year, and that he expected upcoming trade talks with the United States to go well.
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'We have started negotiations. I believe that in the end, we will be able to end it well,' he said.
Thailand faces a 36 per cent US tariff on its exports if a reduction cannot be negotiated before the moratorium expires in July. The US has imposed a 10 per cent tariff for most nations while the moratorium is in place.
On Monday, Pichai said both countries could agree on good terms with tariffs, possibly as low as 10 per cent.
In May, exports to the United States, Thailand's biggest market, jumped 35 per cent from a year earlier, while shipments to China rose 28 per cent.
Exports of computers and parts surged 104 per cent in May from a year earlier, while shipments of agricultural goods rose 6.8 per cent. Rice export volumes dropped 0.2 per cent on the year.
Last month, imports increased 18 per cent from a year earlier, beating a forecast rise of 13.1 per cent, which led to a trade surplus of US$1.12 billion for the month. REUTERS
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