RTTNews - Thailand's exports dropped by a record 26.6% year-on-year to $11.7 billion in May, data released by the Commerce Ministry showed Friday. It follows a 26.1% contraction in April.

Exports to key markets were all lower due to weak global demand and intensifying competition, Commerce Ministry official Siripol Yodmuangcharoen told reporters.

Imports dropped 34.7% to $9.3 billion after a 36.3% fall in April. The trade balance was a surplus $2.4 billion, up from $595 million surplus in April.

The Thai economy, which contracted 7.1% annually in the first quarter, heavily depends on exports. Continuing weakness in global demand does not indicate a strong recovery of Thai exports in the coming months.

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