Thailand Trade Deficit Expands on Strong Import Growth

Thailand’s trade deficit widened to USD 0.35 billion in December 2025 from USD 0.01 billion in the same month a year earlier. It marked the third consecutive month of a trade gap, as imports rose faster than exports. Year-on-year, imports surged 18.8%, accelerating from a 17.6% increase in November and marking the fastest pace since August 2022, amid the government’s efforts to boost domestic demand. Meanwhile, exports grew at a softer pace of 16.8%, though this still represented the strongest growth in three months, driven by industrial products, which jumped 20.3%. Exports increased to the US (54.3%), Japan (8.6%), China (4.4%), the EU (17.2%), and ASEAN countries (13.1%). For the full year of 2025, the country recorded a trade deficit of USD 5.31 billion, with exports rising 12.9% to USD 339.64 billion, while imports also grew 12.9% to USD 344.94 billion. For 2026, exports are forecast to either fall by up to 3.1% or rise by as much as 1.1%.

Thailand's trade deficit widened to USD 2.73 billion in November 2025 from USD 2.20 billion in the same month a year earlier. It was the fifth time of a trade gap this year, with imports growing much faster than exports. Year-on-year, purchases jumped 17.6% to USD, accelerating from a 16.3% growth in October and marking the fastest pace since May, as domestic demand strengthened amid government support measures toward year-end. Meanwhile, exports grew at a slower pace of 7.1% to USD 27.45 billion, though this still represented an improvement from the previous month’s 5.7% increase, supported by resilient foreign demand as the year draws to a close.

Thailand's trade deficit widened to USD 3.44 billion in October 2025, up from a USD 0.79 billion gap in the same month last year and well above expectations of a USD 0.65 billion deficit. It marked the largest trade gap since January 2023, as exports grew much less than imports. Exports rose 5.7% yoy, easing sharply from a 19% surge in September, marking the softest pace since September 2024 and well below market forecasts of a 6.1% gain, as the boost from manufacturers’ front-loading of orders faded following greater clarity on US tariffs. The US currently applies a 19% tariff on imports from Thailand, down from the previously announced 36% rate. Imports rose 16.3% year-on-year, following a 17.2% increase in September, exceeding expectations of a 7.5% rise, supported by the government's stimulus measures to boost domestic demand. For the first ten months of 2025, Thailand recorded a trade gap of USD 3.87 billion, with exports and imports advancing 13.0% and 12.4%, respectively.