Thai May export growth beats forecast with fastest pace in more than 3 years
BANGKOK, June 18 (Reuters) - 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 that they would continue to perform well in 2025.
May exports (THCEX=ECI), opens new tab jumped 18.4% from a year earlier to a record $31 billion, compared with a forecast year-on-year increase of 6.7% 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 U.S. tariff pause in early July, the ministry said in a statement.
In the first five months of 2025, exports rose 14.9% from a year earlier.
"We hope export growth will exceed 10% 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.
"We have started negotiations. I believe that in the end, we will be able to end it well," he said.
Thailand faces a 36% U.S. tariff on its exports if a reduction can't be negotiated before the moratorium expires in July. The U.S. has imposed a 10% 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%.
In May, exports to the United States, Thailand's biggest market, jumped 35% from a year earlier, while shipments to China rose 28%.
Exports of computers and parts surged 104% in May from a year earlier, while shipments of agricultural goods rose 6.8%. Rice export volumes dropped 0.2% on the year.
Last month, imports (THCIM=ECI), opens new tab increased 18% from a year earlier, beating a forecast rise of 13.1%, which led to a trade surplus (THCTR=ECI), opens new tab of $1.12 billion for the month.
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