Thailand Trade Gap Hits 3-Month High

Thailand’s trade balance swung to a deficit of USD 2.83 billion in February 2026 from a surplus of USD 2.0 billion in the same month a year earlier, missing market expectations for a USD 0.96 billion surplus and marking a fifth straight monthly shortfall as imports continued to outpace exports. Imports surged 31.8% yoy to USD 32.27 billion, accelerating from a 29.4% rise in January and posting the strongest growth since December 2021. The sharp increase in purchases was driven by robust domestic demand, supported by government stimulus measures rolled out in the month of the general election. Meanwhile, exports grew 9.9% to USD 29.44 billion, slowing markedly from a 24.4% jump in January and underperforming forecasts of 15.1%. The sharp slowdown pointed to softer external demand, reflecting lingering uncertainties tied to geopolitical tensions in the Middle East, which weighed on global trade flows. During the January-February period, Thailand posted a trade gap of USD 6.14 billion.

Thailand’s trade deficit widened to USD 3.30 billion in January 2026 from USD 1.88 billion in the same month a year earlier. It marked the fourth straight month of trade gap and the highest level since last October, as imports outpaced exports. Year-on-year, purchases surged 29.4% to a record peak of USD 34.88 billion, accelerating from 18.8% December and signaling the strongest pace since December 2022, amid the continued government’s support measures to boost domestic demand ahead of a general election in February. Meanwhile, exports jumped 24.4% to a record high of USD 31.57 billion, quickening from the prior 16.8% and pointing to the strongest rise since November 2021, boosted by robust foreign demand at the start of a new year. In 2025, trade shortfall stood at USD 5.31 billion, with both exports and imports growing 12.9%, respectively.

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%.