Thai export drops in May

Thailand's export dropped 5.25 percent year-on-year in May due to the baht appreciation, The Commerce Ministry reported on Thursday. Ministry's Secretary General, Watcharee Vimuktayon, said the figures represented an approximate drop of 19.8 billion U.S. dollars compared to that of the same period of last year. Aside from the baht appreciation in the first five months of the year, other contributing factors of the disappointing exports figures include global economic slowdown, inactive U.S. market, and the ongoing euro zone financial crisis, she said. Watcharee added that all of the factors affected the global household purchasing power. Besides, the markets in South East Asia was hard hit by weaker demands by the United States, China and Japan. Exports in the industrial sector declined by 0.9 percent, affecting several types of goods including electronics appliances and jewelry. Exports of agri-products, especially rubbers and cassava, also dropped by 16.4 percent. The Ministry, however, remains optimistic on the yearly figures, expressing confidence that a growth of 7-7.5 percent will likely be achieved.