Abstract
In September 2025, Thailand’s merchandise exports reached USD 30,970.7 million, marking a 19% YOY growth, the highest in over three years. Key drivers included electronic products and unwrought gold, with significant export increases to the U.S., China, and Singapore. Imports also rose 17.2% YOY, led by vehicles and materials from China and Taiwan. A trade surplus of USD 1,275.2 million was recorded, contrasting the previous month’s deficit. SCB EIC expects overall export growth for 2025 to exceed earlier forecasts despite potential declines in 2026 due to tariffs and economic challenges.
Summary
Export Growth Highlights
In September 2025, Thailand’s merchandise exports soared to USD 30,970.7 million, marking a 19% increase year-over-year. This surge substantially outpaced earlier estimates, showcasing the strongest growth in three and a half years. Strong demand for electronic products and unwrought gold primarily drove this expansion, with exports contributing significantly to overall growth. Notably, exports to the U.S. surged by 35.3% amid favorable conditions despite ongoing tariffs on certain items.
Key Contributors to Export Expansion
Electronic products remained a central pillar of export growth, particularly to the United States, where exemptions from tariffs facilitated a robust 67.1% increase. Additionally, unwrought gold exports saw an astonishing 212.6% growth, primarily fueled by global demand and price increases. Together, these sectors collectively contributed substantially to the overall export growth, which was notably high in September.
Trade Balance and Future Outlook
Thailand’s imports also rose significantly, leading to a trade surplus of USD 1,275.2 million in September. However, while 2025 exports exceeded initial forecasts, potential challenges loom for 2026, including possible U.S. tariffs and a global economic slowdown. SCB EIC anticipates a contraction in exports next year, forecasting a decrease of 1.9%. An updated economic outlook will be released in November.
