Abstract
In November 2025, Thailand’s merchandise exports reached USD 27.4 billion, growing 7.1% year-over-year, while imports surged 17.6%. Exports to the US soared 37.9%, led by electronic products, despite tariff barriers. However, gold exports declined sharply for the second month. The trade balance recorded a significant deficit of USD -2.7 billion. Moving forward, SCB EIC predicts potential contraction in exports for 2026 due to global economic slowdowns, high base effects, and intensified competition, despite strong performance in 2025.
Summary
Thai Merchandise Export Performance in November 2025
In November 2025, Thailand’s merchandise exports reached USD 27,445.6 million, marking a 7.1% year-over-year increase. This growth accelerated from 5.7% the previous month and aligns closely with SCB EIC’s 7% forecast. Despite ongoing expansion, signs of a slowdown appeared, with seasonally adjusted exports contracting by -2.3% month-on-month. However, cumulative exports for the first 11 months of 2025 showed strong growth of 12.6%.
The electronics sector and exports to the U.S. were key growth factors, with U.S. exports soaring 37.9% year-over-year. Electronic product shipments, especially computers and parts, saw substantial growth, supported by favorable market conditions. However, gold exports faced challenges, contracting sharply by -51.2% year-over-year after significant growth earlier in the year.
Import values also surged, reaching USD 30,172.5 million, growing by 17.6% year-over-year. This increase led to persistent trade deficits, with the customs-based trade balance showing a deficit of USD -2,726.9 million. The rise in imports, particularly electronics, suggests limited net positive effects on the overall economy despite strong export performance. Looking ahead, SCB EIC warns that Thai exports might contract by -1.5% in 2026 due to various economic pressures.
