Thailand Posts Largest on Record Trade Gap

Thailand’s trade deficit widened sharply to USD 10.02 billion in April 2026 from USD 3.3 billion a year earlier, marking a seventh straight monthly shortfall, far above forecasts of a USD 5.1 billion gap. It was also the largest trade gap since the series data began in 1991, mainly due to a surge in imports. Imports surged 45.0% yoy to a record high of USD 41.6 billion, accelerating from a 35.7% gain in March and posting the fastest growth since August 2021, supported by ongoing government stimulus measures aimed at boosting consumption and investment. Meanwhile, exports rose 23.1% yoy to USD 31.6 billion, accelerating from an 18.7% increase in March, mainly driven by industrial product sales, which jumped 27.5%. Shipments to the US, Thailand’s largest market, soared 44.2% yoy, while those to Japan and China rose 23.4% and 21.9%, respectively. For the first four months of the year, the country posted a USD 19.5 billion deficit, with exports rising 18.9% while imports surged 35.7%.

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.