Thailand Watch: Large trade deficits continued in May

Research evidence excerpt

Thailand Watch: Large trade deficits continued in May

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Thailand Watch

Large trade deficits continued in May

Export slowdown in May 25 June 2026

Thai export momentum showed signs of moderation in May, with export growth slowing GEM Economics

to +10.6% YoY from +23.1% YoY in April. Imports, however, remained elevated, rising Asia | Thailand

+35.1% YoY, keeping the trade balance under heavy pressure. For the first five months Pipat Luengnaruemitchai

of 2026, exports expanded by +17.0% YoY to US$162.1bn, while imports surged +35.6% Emerging Asia Economist

YoY to US$187.3bn, widening the cumulative trade deficit to US$25.2bn. Kiatnakin+66 2 305Phatra9221 Securities

pipat.luen@kkpfg.com

Non-electronics exports show clearer weakness Kenneth Newell

Electronics exports continued to grow strongly, in line with the regional export upcycle EconomistKiatnakin Phatra Securities

driven by global AI capex demand. However, the broader export picture is becoming +66 23059989

kenneth.dona@kkpfg.com

increasingly uneven. Auto and parts exports turned sharply negative in May, contracting

by -11.4% YoY, dragged by a collapse in passenger car exports (-49.5% YoY) and a

decline in parts exports (-1.1% YoY). Electrical appliances also slowed materially to

+2.7% YoY, reflecting contractions in air conditioners (-5.1% YoY) and television exports

(-7.9% YoY). This suggests that export strength remains highly concentrated in AI: Artificial intelligence

electronics, while traditional manufacturing exports are facing softer external demand.

CLMV: Cambodia, Laos, Myanmar,

US concentration continues to lift headline exports Vietnam

Exports to the US remained the key support for overall export growth, expanding by FDI: Foreign direct investment