Thailand Import Growth Stays Robust

Thailand’s imports rose 35.1% yoy to USD 40.04 billion in May 2026, slowing from a 45.0% surge in the prior month. The latest result was in line with market expectations of 35%, supported by resilient household demand and policy support aimed at boosting spending and capital outlays despite supply chain and trade uncertainties stemming from the conflict in the Middle East. Purchases grew for most components, including fuel (94.6%), raw materials, semi-finished products (34.4%), other products (26.8%), capital goods (24.2%), transport equipment (15.0%), and consumer goods (9.6%). By commodity, imports rose for crude oil (121.5%), circuit boards (121.5%), natural gas (85.4%), machinery & components (67.4%), other metal ores, scrap metal (34.7%), chemicals (33.8%), electrical machinery (6.3%), and jewelry, gold (3.7%). In contrast, purchases fell for computers (-6.7%) and iron and steel (-0.5%). In the first five months of the year, imports jumped 35.6% to USD 187.3 billion.

Thailand’s imports surged 45% yoy to a fresh peak of USD 41.60 billion in April 2026, accelerating from a 35.7% growth in the prior month and marking the fastest increase since August 2021. The outcome was far above market expectations of 27.2%, boosted by robust household demand and policy support aimed at lifting spending and capital outlays, even as disruptions from the Middle East conflict pushed up energy and logistics costs. Purchases grew for fuel (128.6%), other products (44.3%), raw materials, semi-finished products (38.7%), capital goods (32.8%), transport equipment (15.0%), and consumer goods (13.0%). By commodity, imports rose for crude oil (169.3%), circuit boards (133.8%), natural gas (62.4%), chemicals (32.9%), other metal ores, scrap metal (28.7%), computers (26.4%), electrical machinery (10.4%), and machinery & components (7.4%). In contrast, purchases of gold, jewelry fell 14.1%. In the first four months of the year, imports jumped 35.7% to USD 147.3 billion.

Thailand’s imports surged 35.7% yoy to a record peak of USD 38.5 billion in March 2026, accelerating from a 31.8% rise in the prior month and marking the fastest growth since August 2021. The strong expansion was driven by resilient domestic demand amid government stimulus measures aimed at boosting consumption and investment, even as trade flows faced disruptions from the Middle East conflict, which also pushed up energy and logistics costs. Purchases grew for other products (150.5%), raw materials, semi-finished products (64.4%), capital goods (28.3%), transport equipment (8.1%), and consumer goods (7.7%), but fell for fuel (-5.7%). By commodity, imports rose for gold, jewelry (154.7%), circuit boards (144.0%), electrical machinery (82.7%), other metal ores, scrap metal (33.5%), computers (25.3%), chemicals (18.2%), home appliances (12.5%), and iron, steel (5.5%); but shrank for crude oil (-6.5%). In the first three months of the year, purchases gained 32.4% to USD 105.7 billion.