Thai May export growth beats forecast with fastest pace in more than three years
[BANGKOK] 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 (Jun 18) that they would continue to perform well in 2025.
May exports jumped 18.4 per cent from a year earlier to a record US$31 billion, compared with a forecast year-on-year increase of 6.7 per cent 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 US tariff pause in early July, the ministry said.
In the first five months of 2025, exports rose 14.9 per cent from a year earlier.
'We hope export growth will exceed 10 per cent 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.
A NEWSLETTER FOR YOU
Friday, 8.30 am Asean Business
Business insights centering on South-east Asia's fast-growing economies.
Sign Up
Sign Up
'We have started negotiations. I believe that in the end, we will be able to end it well,' he said.
Thailand faces a 36 per cent US tariff on its exports if a reduction cannot be negotiated before the moratorium expires in July. The US has imposed a 10 per cent 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 per cent.
In May, exports to the United States, Thailand's biggest market, jumped 35 per cent from a year earlier, while shipments to China rose 28 per cent.
Exports of computers and parts surged 104 per cent in May from a year earlier, while shipments of agricultural goods rose 6.8 per cent. Rice export volumes dropped 0.2 per cent on the year.
Last month, imports increased 18 per cent from a year earlier, beating a forecast rise of 13.1 per cent, which led to a trade surplus of US$1.12 billion for the month. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
China urges Canada to ‘correct wrongdoing' over Hikvision shutdown
[BEIJING] China's commerce ministry on Monday (Jun 30) urged Canada to 'immediately correct its wrongdoings' after Ottawa ordered the Chinese surveillance camera manufacturer Hikvision to cease operation in the country, citing national security concerns. In a statement published on its website, the Chinese ministry vowed to take the 'necessary measures' to safeguard the legitimate rights and interests of Chinese businesses. 'The government has determined that Hikvision Canada's continued operations in Canada would be injurious to Canada's national security,' Canadian Industry Minister Melanie Joly said on X, adding the decision was taken after a multi-step review of information provided by Canada's security and intelligence community. China's foreign ministry on Monday also expressed strong opposition to Canada's move and said it has lodged stern representations with the Canadian side. The foreign ministry accused Canada of generalising the concept of national security and suppressing Chinese enterprises and urged it to provide a fair, just and non-discriminatory environment for Chinese companies. Hikvision, which describes itself as the world's biggest maker of video surveillance equipment, said last year it had exited contracts in Xinjiang through five subsidiaries that were added to a US trade blacklist in 2023. Canada said last year it was reviewing an application to impose sanctions against Chinese surveillance equipment companies, including Hikvision, after rights advocates alleged the firms were aiding repression and high-tech surveillance in Xinjiang. The Chinese government has denied all allegations of human rights abuses in Xinjiang and has criticised or targeted companies for removing Xinjiang firms from their supply chains. REUTERS
Business Times
an hour ago
- Business Times
US-based I Squared Capital dumps plans to make separate offer for Hong Kong's HKBN
[HONG KONG] US-based infrastructure investment firm I Squared Capital has withdrawn plans to make a takeover offer for Hong Kong's HKBN, the broadband operator said on Monday (Jun 30), as a competing bid backed by a state-owned entity takes centre stage. The announcement comes over a month after Reuters reported that China Mobile was nearing a deal to take over HKBN with I Squared having dropped out. I Squared already owns Hong Kong-based broadband provider HGC Global Communications, in which China Investment Corp holds a minority stake. However, the Miami-based firm has so far been unable to secure approval from the Chinese sovereign wealth fund to proceed with a formal bid for HKBN, according to the Reuters report. Rival suitor China Mobile built a 15.5 per cent stake in HKBN from buyout company TPG and has offered HK$7.8 billion (S$1.3 billion) for the broadband firm. I Squared was preparing to trump China Mobile's offer of HK$5.23 per HKBN share, which was made in December, but was not keen to pay more than HK$6 apiece, Reuters reported in January. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up HKBN CEO William Yeung said in May it was a 'rumour' that China Investment Corp had vetoed I Squared's plan to present a formal offer for HKBN. The takeover offer from China Mobile was not good enough and HKBN was open to engage with more bidders to get the best value for its shareholders, Yeung had said. 'Despite the HKBN CEO's comments that the China Mobile offer is not good enough, China Mobile has no pressing need to bump if a competing offer fails to materialise,' Smartkarma's Arun George said in a note before HKBN's announcement on Monday. I Squared Capital did not immediately respond to Reuters' request for comment over why it decided to walk away from making an offer. China Mobile also did not respond to a request for comment. REUTERS
Straits Times
an hour ago
- Straits Times
UK campaign group Palestine Action to challenge government ban
Pro-Palestinian demonstrators gather in protest against Britain's Home Secretary Yvette Cooper's plans to proscribe the \"Palestine Action\" group in the coming weeks, in London, Britain, June 23, 2025. REUTERS/Jaimi Joy/ File Photo LONDON - Pro-Palestinian campaign organisation Palestine Action said on Monday it had initiated legal proceedings to challenge the British government's intention to ban the group under anti-terrorism laws. The proscription - expected to be laid before parliament on Monday - would make it a criminal offence to belong to the group, and was announced days after its activists damaged two British military planes in protest at London's support for Israel. Palestine Action previously condemned the government's move, calling it "an unhinged reaction", and said that London's High Court had granted the group an urgent hearing on Friday to consider permission for a legal challenge to the proscription. The group is seeking a court order to prevent the government from proscribing the group pending its case being heard, Palestine Action said. It includes written statements from human rights experts at Amnesty International and others that have expressed concerns "about the unlawful misuse of anti-terror measures to criminalise dissent". "The court's decision to grant an urgent hearing this week is indicative of the vital importance of what is at stake in this case, including the far-reaching implications any proscription of Palestine Action would have on fundamental freedoms of speech, expression and assembly in Britain," co-founder of Palestine Action, Huda Ammori, said. Under British law, the Home Secretary can proscribe a group if it is believed it commits, encourages or "is otherwise concerned in terrorism". The ban would put Palestine Action on a par with Hamas, al-Qaeda or ISIS under British law. The Home Office declined to comment on Palestine Action's legal challenge. Home Secretary Yvette Cooper previously said the group had a "long history of unacceptable criminal damage" and that the government would not tolerate those who put national security at risk. Palestine Action has regularly targeted British sites connected to Israeli defence firm Elbit Systems as well as other companies in Britain linked to Israel since the start of the conflict in Gaza in 2023. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
