In August 2025, Thailand’s exports increased by 5.8% year-on-year (YoY), though the growth rate slowed compared to previous months, partly due to U.S. tariffs. Despite this, exports of electronics and gold remained strong. Imports experienced a significant rise of 15.8%, leading to a trade deficit and raising concerns about future export performance amid ongoing tariff risks.
Export Performance and Main Drivers in August 2025
Thailand’s total export value reached approximately USD 27,743 million in August, representing a 5.8% YoY increase. This growth slowed markedly from July’s 11.0% expansion and fell short of expectations. Seasonally adjusted data showed a slight decline from the previous month, continuing a downward trend since July. The positive export performance was primarily driven by electronics shipments to the U.S. and substantial gold exports to Switzerland and ASEAN nations. Although the U.S. introduced phased import tariffs starting August 7, certain electronics products, such as computers and electrical components, maintained robust growth, cushioning overall export momentum.
Imports Rise Sharply and Trade Deficit Expands
Imports surged considerably in August, reaching approximately USD 29,708 million—a 15.8% increase YoY that exceeded forecasts. The increase was broad-based, with notable growth in capital goods imports from China, consumer goods, raw materials including gold, and vehicle-related products. Consequently, Thailand recorded a trade deficit of about USD 1.96 billion, reversing the surplus observed over the previous three months. Increased imports of precious stones, jewelry, and electrical circuit boards from the U.S. and Taiwan contributed to the widening deficit, reflecting rising domestic demand and complex supply chain dynamics.
Risks and Challenges from U.S. Tariffs
Looking ahead, Thai exports face considerable risks due to the continued application of U.S. reciprocal tariffs and the possibility of additional tariffs, particularly on electronics—Thailand’s key export sector. The U.S. tariff structure remains intricate, comprising reciprocal, specific, and Section 232 tariffs, which could surpass the negotiated 19% rate. This complexity creates uncertainty and could impact as much as 35% of Thailand’s exports to the U.S. Additionally, factors such as currency appreciation, high base effects, geopolitical tensions, and ongoing tariff reviews further threaten Thailand’s export prospects throughout the rest of 2025.