Abstract
In August 2025, Thailand’s exports reached USD 27,743.19 million, growing 5.8% year-on-year, a decline from 11.0% in July and below expectations. The U.S. tariffs reduced growth, particularly in electronics, which still drove some export success. Gold exports surged 144% due to global demand. Imports, however, jumped 15.8%, resulting in a trade deficit of USD 1,964.4 million. SCB EIC warns potential further contraction in exports due to ongoing and additional U.S. tariffs could challenge Thailand’s competitiveness.
Summary
Export Performance Overview
In August 2025, Thailand’s export value reached USD 27,743.19 million, marking a slowdown in growth to 5.8%, down from 11.0% the previous month. This figure fell short of expectations set by SCB EIC and Reuters Poll forecasts of 9.5%. The contraction of -0.1% month-on-month reflects ongoing challenges, despite a strong overall growth of 13.3% for the first eight months, largely driven by front-loading before U.S. tariffs were imposed.
Key Drivers of Export Growth
Electronics exports to the U.S. and gold sales significantly contributed to Thailand’s export growth. Exports to the U.S. slowed to 12.8% year-on-year due to new tariffs but continued to rise in electronics, particularly computers and components. Gold exports surged, recovering from previous declines, indicating strong global demand and price increases.
Import Trends and Trade Deficit
Thailand experienced a substantial rise in imports in August, reaching USD 29,707.6 million, a 15.8% increase. This led to a trade deficit of USD -1,964.4 million, contrary to predictions of a surplus. Categories including capital goods and consumer items saw significant growth, particularly from China and the U.S., highlighting ongoing economic dynamics and challenges amidst heightened tariff complexities.
