This brings the total contraction in the five month period to 4.2 percent year-on-year, or $88.7 billion. Imports have suffered as well, declining 9.39 percent to $85.4 billion, and translating to a trade deficit of $3.32 billion.

Exports of manufacturing products dropped by 4.5 percent in may, compared to the same month last year.

While exports to the US, China and neighbouring countries such as Cambodia, Laos, Myanmar and Vietnam still increased in May, the drop of 13.7 percent in shipments to the European Union and 4.1 percent to Japan were responsible for the overall dip in exports, said Mr Somkiat.

Despite this, Thailand has still been able to maintain market shares in several markets including the US, China, Japan, India, Singapore and more. The ministry has since forecast a 1.2 percent growth for the whole year, predicting that the outlook would improve in the second half of this year.