Thailand Trade Gap Largest in 5 Months

Thailand’s trade balance swung to a deficit of USD 3.34 billion in March 2026 from a surplus of USD 1.0 billion a year earlier, marking a sixth straight monthly shortfall. It was also the largest trade gap since last October, as imports continued to outpace exports. Imports jumped 35.7% year-on-year to USD 38.5 billion, accelerating from a 31.8% increase in February and posting the fastest growth since August 2021, supported by ongoing government stimulus measures aimed at boosting consumption and investment. Meanwhile, exports rose 18.7% year-on-year to a record high of USD 35.2 billion, accelerating sharply from a 9.9% gain in February, mainly driven by industrial product sales, which surged 21.4%. Shipments to the US, Thailand’s largest market, jumped 41.9% year-on-year, while those to Japan rose 9.1%, and exports to China fell 1.1%. However, exports to the Middle East plunged 57.1% due to the impact of the Iran war. In Q1, the country posted a USD 9.5 billion trade deficit.

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.