Abstract
Thai exports in February 2026 grew by 9.9% year-on-year, totaling USD 29.4 billion, a slowdown from previous months’ 24.4% growth. Electronics led this increase, expanding over 56.8%, particularly to the US, where exports rose by 40.5%. Imports surged 31.8%, the highest in 50 months, driven by raw materials and capital goods, leading to a trade deficit of USD -2.8 billion. The Ministry of Commerce forecasts varying export scenarios for 2026, amidst challenges from the Iran conflict and potential US tariffs.
Summary
Thai Exports in February 2026
Thai exports saw growth of 9.9% year-over-year in February 2026, totaling USD 29.4 billion, though this marks a slowdown from January’s 24.4% growth. The expectations were higher, with projections around 15.8%. Seasonally adjusted exports decreased by 11.1% month-over-month, but the first two months recorded a solid 17% growth before the Iran conflict emerged at month’s end.
Driving Forces Behind Exports
Exports of electronic products surged by 56.8%, significantly contributing to overall growth, as demand remained strong. Exports to the US rose by 40.5%, with electronics leading a notable 97.8% increase, despite tariff challenges. However, gold exports slowed to an 18.2% growth amidst falling global prices, down from 136.2% in the prior month.
Future Trade Prospects and Challenges
Imports reached USD 32.3 billion, a 31.8% increase, indicating robust demand for materials, particularly gold. However, Thailand faces potential trade deficits due to various pressures, including the ongoing Middle East conflict and uncertainties related to US tariffs. Projections for 2026 indicate possible export reductions, underscoring the need for adaptive strategies amid these evolving challenges.
