The Permanent Secretary of Commerce reveals the direction of Thai exports in May 2023, which continued to contract for the 8th month, but started to slow down. As a result, the overall picture in the first five months of this year still contracted by 5.1%, confident that there are still positive factors that will drive exports this year to expand by 1-2% according to the target.

Mr. Kirati Ratchano, Permanent Secretary of the Ministry of Commerce, said that Thailand's international trade in May 2023 had export value of more than 24,340 million US dollars, contracting by 4.6% for the 8th consecutive month, but decelerating from the previous month's negative to 7.6% due to exports of agricultural products and agro-industry contracted by 16.3%, especially fresh fruit products. Chilled-frozen and dried shrank by 54.8% due to the end of the eastern fruit season. But should be better after southern fruits come to the market by industrial products Returned to expand for the first time in 8 months, plus 1.5% in both cars, equipment and components. air conditioner and motorcycles and components

while an important export market like China Returned to a contraction of 24% and continued to contract in the Japanese market at 1.8%, but exports to the US, EU and ASEAN markets continued to expand. Although many countries face the risk of economic recession. by the Ministry of Commerce The goal is still to work to push exports this year to a positive growth of 1-2% because there are still supporting factors. both from the need for food reserves and better prices of agricultural products in the world market Including the recovery of tourism and travel will have a positive effect on consumption.

There are also additional positive factors. Both the baht depreciated And the World Bank estimates that the latest economy is likely to improve in many countries, such as the US economy from 0.5% to 1.1%, while the Eurozone The economy tends to improve from 0% to 0.4% and China is expected to improve from 4.3% to 5.6%. Exports can turn positive.

Mr. Chaichan Charoensuk, chairman of the Thai National Shippers' Council (TNSC), emphasized that exports in May 2023 were better than expected. which if during the remaining 7 months there are no measures at all Exports will definitely be negative. But if able to push the export value to 24,400 million US dollars per month This year, exports will expand. which the government has worked closely with the private sector There are clear market penetration strategies in 7 regions around the world. This is considered a better diversification from the main market to other markets, especially the Middle East market. and potential products of Thailand, including food and fruit. Therefore, it is believed that exports this year will have the opportunity to expand according to the target set by the Ministry of Commerce.

Imports in May 2023 were negative 3.4%, valued at 26.19 billion US dollars. As a result, in the first 5 months of the year, it was still negative 2.5% with a total value of 122,709 million US dollars. As a result, the country's trade balance in May was a deficit of 1,849 million US dollars. and the trade balance in the first 5 months of the year remained a deficit of 6,365 million US dollars, etc. – Thai News Agency

Source: Thai News Agency