Abstract
In July 2025, Thailand’s merchandise exports reached USD 28.6 billion, growing 11% year-on-year, although slower than June. Strong demand from the US, especially for electronics and agricultural products, drove this growth, with significant improvements in fresh fruit exports. Imports also rose, but at a reduced pace. Thailand’s trade balance recorded a surplus of USD 322.1 million. Recent US tariff reductions for Thai goods improved prospects, but risks remain from potential future tariff hikes and geopolitical tensions impacting export performance.
Summary
Thai Merchandise Export Overview
In July 2025, Thailand’s merchandise exports reached USD 28,580.7 million, marking an 11% year-over-year increase. Despite this growth, it was a slowdown from the 15.5% recorded in June, although less than projected. Seasonally adjusted data showed a minor contraction of 1.6% month-over-month. Notably, the first seven months of the year reflected a robust overall export growth of 14.4%.
Key Contributors to Export Growth
The surge in exports to the United States remained a key driver, growing 31.4% year-over-year. This growth was notably bolstered by electronic products, particularly computers and telecommunication devices, which saw significant increases. However, exports of automobiles faced a steep decline due to existing tariffs. Additionally, Thailand’s robust agricultural exports, notably fresh fruit, saw a remarkable 21.5% increase, with a significant contribution from exports to China.
Trade Balance and Future Projection
The trade balance for July recorded a surplus of USD 322.1 million, contrary to expectations of a deficit. Imports expanded at a slower rate of 5.1% year-over-year. Looking ahead, SCB EIC has revised Thailand’s export growth forecast for 2025 to 3.0%. However, challenges persist, including U.S. tariff impacts and potential geopolitical tensions that could affect trade dynamics in the coming years.
Source : Export growth in July remained elevated but began to slow compared with the previous month.
