Abstract
In December 2025, Thailand’s merchandise exports reached USD 28.8 billion, marking a 16.8% annual increase, driven by strong electronics growth and a rebound in gold exports. Exports to the US surged by 54.3% YOY despite tariff pressures, contributing significantly to overall export growth. Meanwhile, imports rose to USD 29.3 billion, leading to a trade deficit of USD 352 million. Overall, 2025 saw a 12.9% increase in both exports and imports, with expectations for a slowdown in 2026 due to global trade trends and prior temporary factors.
Summary
The Surge in Thai Merchandise Exports
In December 2025, Thailand’s merchandise exports rose sharply to USD 28,835 million, reflecting a 16.8% year-on-year increase, up from 7.1% the previous month. This growth was driven by strong demand, especially in electronic products and exports to the US, which surged by 54.3% year-on-year. Unwrought gold exports also made a significant comeback, contributing greatly to the overall export performance.
Import Dynamics and Trade Deficit
Conversely, imports increased to USD 29,280.4 million, marking an 18.8% year-on-year rise. This uptick led to a trade deficit for Thailand, marking the third consecutive month. Key imports included vehicles, capital goods, and consumer goods, with a notable emphasis on raw materials linked to the electronics sector, driven primarily by imports from China.
Outlook for 2026
Looking ahead to 2026, SCB EIC predicts a slowdown, estimating a potential decline of 1.5% in Thai exports. This outlook is shaped by anticipated global economic shifts and the end of temporary factors that bolstered exports in 2025. However, opportunities remain, especially in digital investment and gold demand, suggesting possible resilience amid challenges.
