Thailand Watch: Stronger export growth; larger trade deficits

Research evidence excerpt

Thailand Watch: Stronger export growth; larger trade deficits

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Thailand Watch

Stronger export growth; larger trade

deficits

Exports rebounded in June 24 July 2026

Thai export gained momentum in June after some moderation in May, with export GEM Economics

growth rebounding back to +20.8% YoY (US$34.6bn) from +10.5% YoY in May. Imports Asia | Thailand

also accelerated to +50% YoY (US$41.2bn) from 35% YoY last month. The trade deficit Pipat Luengnaruemitchai

increased to US$6.5bn in June. For the first six months of 2026, exports expanded by Emerging Asia Economist

+17.6% YoY to US$196.7bn, while imports surged +38% YoY to US$228.5bn, widening Kiatnakin+66 2 305Phatra9221 Securities

the cumulative trade deficit to US$31.7bn. pipat.luen@kkpfg.com

Kenneth Newell

Electronics remained strong, while others recovered EconomistKiatnakin Phatra Securities

Exports of industrial products in June increased by 25.1%YoY (US$28.6bn). Electronics kenneth.dona@kkpfg.com

exports remained the main contributor driven by continued global AI capex demand, Burakorn Tipayasakulchai

growing by 66%YoY, especially HDD (+32%YoY), integrated circuits (+23.2%YoY) and EconomistKiatnakin Phatra Securities

other electronics (+118%YoY). Apart from electronics, other industrial exports recovered burakorn.tipa@kkpfg.com

in June. Auto and parts increased by 6.1%YoY from -11.4%YoY last month, driven by

pick-up trucks (+114%YoY) while passenger cars decreased by 46%YoY. Electrical

appliances, chemicals and machinery also strongly gained momentum in June to

+19.8%YoY, +27.8%YoY, and 22.6%YoY, respectively. Lastly, agricultural products AI: Artificial intelligence

remained weak, decreasing by -6.5%YoY from rice (-18%YoY), cassava (-48%YoY) and

food product (-10.9%YoY) exports.