Thailand's export reduces nearly two percent in the first five months. (Source: seedasia.co)

Bangkok (VNA) – Thailand’s export in the first five months shrank by 1.9 percent to 86.99 billion USD, according to Thailand’s Ministry of Commerce (MOC).

In May alone, the export value declined 4.4 percent to 17.62 billion USD.

The MOC attributed the decrease to difficulties facing the global economy and the low price of agri-products and oil.

The devaluation of Pound caused by the UK’s decision to leave the European Union will further bite into Thailand’s export value in two to three months to come, it said.

The MOC said if export value maintains at 17 billion USD per month from now to the end of the year, the total export earnings will go down for the whole year. But, export is expected to rise in the second half.

In order to achieve the growth target of 5 percent, the export will bring home 19-20 billion USD per month from now until the end of this year.

In May, the import rose 0.5 percent from a year ago to 16.08 billion USD, resulting in a trade surplus of 1.54 billion USD.

In the January-May period, Thailand’s import value dropped 10.25 percent to 76.54 billion USD, generating a trade surplus of 10.45 billion USD.-VNA