In August 2025, Thailand’s exports increased by 5.8% year-on-year (YoY), reaching USD 27,743.19 million, though the growth slowed from the 11.0% recorded in July and fell short of expectations. Seasonally adjusted data indicated a slight month-on-month decline, continuing a downward trend since July. The growth was primarily driven by exports of electronics—particularly to the United States—and significant gold shipments to Switzerland and ASEAN countries. Even with the phased U.S. import tariffs introduced on August 7, electronics products such as computers and electrical components maintained robust growth, helping to sustain overall export momentum.
Meanwhile, imports surged sharply by 15.8% YoY to USD 29,707.6 million, exceeding forecasts. The rise was broad-based, driven by imports of capital goods from China, consumer products, raw materials including gold, and vehicle-related items. This surge widened Thailand’s trade deficit to USD 1.96 billion, reversing the surplus seen over the previous three months. Notably, increased imports of precious stones, jewelry, and electrical circuit boards from the U.S. and Taiwan contributed significantly to the deficit, reflecting rising domestic demand and intricate supply chain movements.
Looking forward, Thailand faces considerable risks to its export outlook due to ongoing U.S. reciprocal tariffs and potential additional tariffs, especially in the electronics sector. The U.S. tariff system’s layered structure—including reciprocal, specific, and Section 232 tariffs—could exceed the negotiated 19% rate, creating uncertainty for around 35% of Thai exports to the U.S. Furthermore, factors like currency appreciation, a high baseline effect, and geopolitical tensions may further pressure exports throughout the remainder of 2025.