Thailand Trade Balance Swings to Deficit

Thailand's trade deficit widened to USD 2.48 billion in August 2026, up from USD 1.96 billion a year earlier, marking an eleventh straight monthly shortfall but remaining smaller than market forecasts of USD 3.9 billion, as imports rose more than exports. Imports surged 25.1% yoy, slowing sharply from a 36.7% jump in July and below forecasts of 33%, supported by ongoing government stimulus measures aimed at boosting consumption and investment. Meanwhile, exports rose 24.3% yoy, accelerating from a 21.6% increase in July but slightly below estimates of 24.9%. Export growth was mainly boosted by an increase in sales of industrial products, which rose 27.1%. Shipments to the US, Thailand’s largest export market, soared 48.7% year-on-year, while those to China and Japan rose 15.5% and 19.6%, respectively. For the first eight months of the year, the country recorded a USD 37.8 billion deficit, as exports rose much less (18.9%) than imports (36.1%).

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%.