Thailand rundown: That data centre thing

Research evidence excerpt

Thailand rundown: That data centre thing

24 July 2026

Thailand rundown EconomicsThailand

That data centre thing

◆ Thailand’s trade balance has fallen to its deepest deficit in Aris Dacanay

over 30 years due to Thailand’s data centre buildout Senior ASEAN Economist The Hongkong and Shanghai Banking Corporation Limited

aris.dacanay@hsbc.com.hk

◆ During its buildout phase, the current account surplus should +852 3945 1247

remain soft due to electronics and digital services imports Akiko Kitamura

Economist, Asia

The Hongkong and Shanghai Banking Corporation Limited

◆ But once these data centres are operational, services exports akiko.kitamura@hsbc.com.hk

should increase alongside inflation +852 2996 6676

We won’t get into Artificial Intelligence (AI) and how it might affect jobs in Thailand. That

is a topic that is undergoing its own kind of theoretical learning amongst pundits and is

still up in the clouds of economic debate (actual intelligence, not artificial). Besides,

Thailand specialises in tourism, a type of service where the human touch is as

invaluable as it can get. Can AI give you a Thai massage or serve you that Pad Thai?

Where Thailand is concerned (now) is how AI affects its trade and investment,

particularly around data centres.

The economy is currently riding the AI boom, whereby Thailand exports the hardware

needed to operate the proliferation of data centres across the world. From semis,

hard disk drives, printed circuit boards, communications apparatus, and cooling

systems the economy’s total exports of AI-enabling goods have ballooned to

USD23.4bn in 1Q 2026, which is 2.2 times more than in 1Q 2024.

But here’s the issue: despite the boom, the economy’s trade balance has fallen

to its deepest deficit over the past three decades.