War dragged March exports to the Middle East into a sharp contraction, while overall exports still posted strong growth….

Abstract

In March 2026, Thai exports reached $35.16 billion, growing 18.7% due to strong demand for electronic products and front-loading shipments to the US, which increased by 41.9%. Electronic goods contributed significantly to this growth, with exports rising by 43.8%. However, exports to the Middle East plummeted by 57.1%. Imports also surged to $38.50 billion, marking a 35.7% increase driven by raw materials and capital goods. Despite robust exports, Thailand’s trade balance recorded a deficit of $3.34 billion, indicating challenges ahead.

Summary

Thai Exports Surge in March 2026

Thai exports saw significant growth in March 2026, reaching a value of USD 35,157.1 million, an 18.7% increase from the previous month. This is a considerable rise from the 9.9% growth recorded in February, surpassing estimations from SCB EIC and Reuters Poll. The strong performance contributed to a 17.6% growth in Q1 2026.

Electronics Drive Export Growth

A major contributor to this growth was the electronics sector, which experienced a 43.8% increase in exports. Key items included telecommunication devices and printed circuits. Exports to the U.S. also played a vital role, growing by 41.9%, driven by demand for electronics not yet impacted by heightened tariffs.

Rising Imports and Trade Deficit

Imports surged to USD 38,496.6 million, indicating a 35.7% growth. However, Thailand recorded a trade deficit of USD -3,339.5 million, greater than predicted. Looking ahead, the trade balance may worsen, with expectations of increasing import costs due to rising global energy prices and continued reliance on electronic goods.

Source : War dragged March exports to the Middle East into a sharp contraction, while overall exports still posted strong growth….