Thailand Import Growth Below Estimates

Thailand’s imports surged 50.4% year-on-year to a new high of USD 44.30 billion in September 2026, sharply accelerating from a 25.1% increase in the previous month and topping market forecasts of 31.3%. It was also the fastest growth since June 2021, largely driven by export-oriented manufacturing activity and higher global energy prices. Purchases increased across all major categories: capital goods (92.3%), fuel (45.7%), raw materials and intermediate goods (41.2%), transport equipment (24.4%), other goods (15.3%), and consumer goods (9.9%). By commodity, imports rose for all components, including aircraft, aviation equipment (1,296.2%), computers (317.1%), natural gas (125.2%), machinery and components (82.4%), circuit boards (68.5%), jewelry and gold (63.6%), other metal ores and scrap (46.5%), crude oil (32.6%), chemicals (27.6%), and electrical machinery (11.7%). In the first nine months of the year, total arrivals jumped 37.8% from the same period in 2025 to USD 348.28 billion.

Thailand’s imports rose 25.1% year-on-year to USD 37.10 billion in August 2026, slowing from a 36.7% surge in the previous month and marking the weakest growth since December 2025. The latest result also fell short of market expectations for a 33% increase, suggesting softer domestic demand and investment activity. Still, purchases increased across all major categories: fuel (42.8%), capital goods (33.9%), other goods (27.4%), raw materials and intermediate goods (21.3%), transport equipment (13.6%), and consumer goods (1.3%). By commodity, imports rose for most components, including machinery and components (61.4%), crude oil (58.2%), computers (57.2%), other metal ores and scrap (41.2%), plants (24.6%), jewelry and gold (22.3%), chemicals (19.4%), and circuit boards (17.8%). In contrast, imports fell for iron and steel (-2.2%) and electrical machinery (-1.1%). In the first eight months of 2026, total arrivals surged 36.1% from the same period in 2025 to USD 303.9 billion.

Thailand’s imports rose 36.7% year-on-year to USD 38.40 billion in July 2026, easing from a 50.3% surge in the previous month that marked the fastest increase since June 2021. The latest figure came in below market expectations of 42.2%, underscoring waning policy support for household demand and capital outlays. Still, purchases grew across all major categories: fuel (54.4%), raw materials and intermediate goods (41.1%), capital goods (39.0%), other goods (35.6%), transport equipment (20.1%), (22.2%), and consumer goods (4.0%). By commodity, imports rose for most components, including circuit boards (161.9%), machinery and components (59.7%), computers (71.1%), crude oil (68.0%), natural gas (56.6%), other metal ores and scrap (31.8%), chemicals (23.4%), iron and steel (6.1%), and electrical machinery (0.7%). In contrast, purchases of jewelry and gold fell 27.4%. In the first seven months of 2026, total imports climbed 37.8% from the same period in 2025 to USD 266.9 billion.