Exports in May fell 5.8% year-on-year to US$21 billion on the US-China trade war, economic slowdown and strong baht, bringing the decline over the first five months of this year to 2.7% year-on-year.
In May, imports dropped 0.64% to $20.8 billion, resulting in a trade surplus of $181.5 million, according to the Commerce Ministry, which released the figures on Friday.
In the first five months of this year, exports amounted to $101.6 billion while imports stood at $100.8 billion, down 0.99%, representing a trade surplus of $730 million.
In May the value of agricultural and agro-industrial exports dropped by 1.4%, driven by significant declines in sugar, rice, natural rubber and canned tuna.
Industrial exports fell 5.8%, resulting mainly from declines in gold, oil-related products, cars and parts and electronic circuits.
Shipments to main markets dropped 1.2%, led by Japan (-4.4%) and the European Union (-8.6%). Exports to high-potential markets fell 7%, including Indonesia, Malaysia, the Philippines, Singapore (-14.3%), Cambodia, Laos, Myanmar and Vietnam (-4.7%) and China (-7.2%).