Thai May exports drop 4.6% y/y, beat forecast

BANGKOK: Thailand’s customs-based exports in May contracted 4.6% from a year earlier, the commerce ministry said on Tuesday.

The reading compared with an 8% year-on-year drop forecast for May in a Reuters poll, and came after April’s 7.6% drop.

Exports, a key driver of Thai growth, have been weak due to slowing global demand but officials have said a weaker baht currency should lend some support.

“A positive factor overall for exports was the slightly weakening baht,” Keerati Rushchano, the ministry’s permanent secretary, told a press conference.

“The outlook for global economy should also be positive,” he added.

The ministry maintained its target of 1%-2% export growth for the whole of 2023.