- Growth of Thai exports in May remained strong at 11.4%YOY, led by exports of oil-related products such as refined fuel, and chemical and plastic products that grew by 30.7%YOY and 29.5%YOY, respectively. Furthermore, exports of key industrial products like cars, parts and equipment, and computers, accessories, and parts grew due to improving global manufacturing sector by 25.2%YOY and 10.8%YOY, respectively. Nevertheless, exports of rubber and sugar slumped further at 17.5%YOY and 13.4%YOY, respectively, owing to falling global prices. Overall in the first 5 months of 2018, Thai exports grew by 11.6%YOY.
- Exports of solar panels and iron products continued to grow in other markets, despite the U.S. import tariff affecting Thai exports. Value of exports of washing machines and dryers and parts, solar panels, and iron, steel and steel products to the U.S. decreased by 39.8%YOY, 53.8%YOY and 14.6%YOY, respectively, due to safeguard tariff. Nevertheless, total export value of washing machines and dryers and parts only shrunk by 8.5%YOY, while, exports of solar panels, and iron, steel and steel products rose by 13.8%YOY and 9.0%YOY, respectively due to increased demand from other markets besides the U.S. and the tariff having had partial impact on exports of steel products.
- Value of Thai imports continued to grow by 11.7%YOY, led by imports of fuel products, which grew by 25.0%YOY in line with increased oil prices. As for imports of computers, accessories and parts, they expanded by 41.0%YOY, following export growth of the same product category. Meanwhile, imports of capital goods (exclusive of airplanes and ships) increased by 10.7%YOY. For the first 5 months of 2018, the growth of Thai imports is at 16.6%YOY.
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