1.2% export growth target maintained
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The Commerce Ministry has maintained the export growth target for the entire 2015 at 1.2 per cent, despite the 4.20 per cent decline in the first five months of the year.
"The target won't be adjusted for now," said Somkiat Triratpan, director of the ministry's Trade Policy and Strategy Office. "It remains to be seen how the situation would be in subsequent months."
Weak global demand was attributed as the most significant factor that pulled down Thailand's exports.
Thailand's exports further slid by 5.01 per cent in May to US$18.4 billion, compared to the same period last year, according to the Commerce Ministry. The decline continued for five months in a row.
In the first five months of this year, export bills dropped by 4.20 per cent on year to $88.69 billion.
Imports fell at a steeper pace, indicating low investment and consumption at home. In May, imports nosedived by 19.97 per cent to $16 billion. During January and May, imports declined by 9.39 per cent to $85.37 billion. Thailand locked in trade surplus of $3.3 billion in the first five months.
Somkiat attributed the sharp fall in imports to the falling energy prices. The average oil prices in May dropped by 39.7 per cent from the same month last year. This also pressured the prices of related products like refined oil, chemicals and plastic pellets. He said that imports may pick up in the fourth quarter as oil prices are expected to head up.
