Thailand Trade Balance Swings to Deficit

Thailand posted a trade deficit of USD 3.61 billion in July 2026, shifting from a USD 0.32 billion surplus a year earlier, marking a tenth straight monthly shortfall but smaller than market forecasts of a USD 5.4 billion gap, as imports grew much faster than exports. Imports jumped 36.7% yoy, easing sharply from a 50.3% rise in June and below forecasts of 42.2%, supported by ongoing government stimulus measures aimed at boosting consumption and investment. Meanwhile, exports rose 21.6% yoy, accelerating slightly from a 20.8% increase in June and surpassing estimates of 17.8%. Export growth was mainly driven by a rise in sales of industrial products, which rose 24.2%. Shipments to the US, Thailand’s largest export market, surged 45.3% yoy, while those to China and Japan rose 15.2% and 21.3%, respectively. For the first seven months of the year, the country registered a USD 35.4 billion deficit, with exports rising much less (18.2%) than imports (37.8%).

Thailand posted a trade deficit of USD 6.53 billion in June 2026, shifting from a USD 1.06 billion surplus a year earlier, marking a ninth straight monthly shortfall and larger than market forecasts of a USD 4.0 billion gap, as imports rose much faster than exports. Imports surged 50.3% yoy, accelerating sharply from a 35.1% rise in May and far above forecasts of 35.8%, the fastest pace since June 2021, supported by ongoing government stimulus measures aimed at boosting consumption and investment. Meanwhile, exports rose 20.8% yoy, accelerating sharply from a 10.6% increase in May and surpassing estimates of 15.2%. Export growth was mainly driven by a rise in sales of industrial products, which grew 25.1%. Shipments to the US, Thailand’s largest export market, jumped 44.3% yoy, while those to Japan rose 22.7% and those to China increased 4.9%. For the first half of the year, the country recorded a USD 31.7 billion trade deficit, with exports rising 17.6% while imports soared 38.0%.

Thailand’s trade deficit widened to USD 5.71 billion in May 2026 from USD 1.12 billion a year earlier, marking an eighth straight monthly shortfall, though it was smaller than forecasts of a USD 6.6 billion gap, as exports rose much less than imports. Imports jumped 35.1% year-on-year, easing from a 45.0% rise in April and slightly exceeding forecasts of 35%, supported by ongoing government stimulus measures aimed at boosting consumption and investment. Meanwhile, exports grew 10.6% year-on-year, easing sharply from a 23.1% surge in April, falling short of forecasts of 11.6% and marking the softest increase since February. Export growth was driven by sales of industrial products, which increased 14.2%. Shipments to the US, Thailand’s largest market, soared 33.5% year-on-year, while those to Japan rose 11.7%, and those to China fell 2.5%. For the first five months of the year, the country posted a USD 25.2 billion trade deficit, with exports advancing 17.0% while imports surged 35.6%.