Thai May export growth at 11-year high on strong global demand

[BANGKOK] Thailand's exports jumped a bigger than expected 41.59 per cent in May from a year earlier, the fastest pace in nearly 11 years, as global demand improved, the country's commerce minister said on Thursday.

That compares with a forecast for a jump of 30 per cent in May in a Reuters poll and a rise of 13.09 per cent in April.

"We expect to see a continuous, robust recovery of Thai exports in the next phase," Commerce Minister Jurin Laksanawisit told a briefing.

The export gains were led by a 170 per cent year-on-year surge in cars and car parts shipments and a 45 per cent rise in electronics.

Demand from key markets was higher in May, with exports to the United States up 44.9 per cent year-on-year, to China up 25.5 per cent and to Japan up 27.4 per cent.

Imports in May jumped 63.54 per cent from a year earlier, beating a forecast 53.7 per cent rise, resulting in a trade surplus of US$796 million in the month.

In the first five months of 2021, exports, a key driver of Thai growth, rose 10.78 per cent from a year earlier while imports increased 21.52 per cent.

REUTERS