Thailand’s imports surge on gold shipments, outpace exports

Tue Mar 24 2026

Thailand’s inbound shipments soared while exports growth slowed, even before the conflict in the Middle East began disrupting global trade and raising costs. Imports jumped 31.8% in February from a year earlier, accelerating from 29.4% in January, and exports moderated to 9.9% from 24.4%, Commerce Ministry data showed Tuesday.  The inbound number exceeded the median estimate in a Bloomberg survey of economists, but the outbound figure fell short of even the most pessimistic expectation.

The February reading compared with a forecast rise of 15.8% in a Reuters poll and followed January's 24.4% increase. In the first two months of this year, exports grew 18.9% and were ⁠seen rising for the full year, the ministry said in a statement. Exports, a key driver of the Thai economy, rose 12.9% ⁠in 2025, the highest growth rate in four years, driven by front-loading ahead of the introduction of US tariffs.

With imports outpacing exports for a fifth straight months, Thailand recorded a trade deficit of US$2.83 billion. Higher demand for machinery and other capital goods as well as gold imports contributed to the surge in inbound shipments, while agricultural commodities weighed on exports, Natiya Suchinda, deputy head of the ministry’s Trade Policy and Strategy Office, said in a briefing Tuesday.

Thailand is among 16 countries targeted by US President Donald Trump’s administration under a Section 301 investigation of the 1974 Trade Act. Alongside its regional peers including Malaysia, Indonesia and Vietnam, Thailand is being scrutinised over concerns of excess industrial capacity.

In a separate briefing on Monday, Department of Trade Negotiations director-general Chotima Iemsawasdikul said Thailand will submit written comments to US authorities by mid-April to defend its position. At the same time, the government will also accelerate free-trade talks with other partners “to broaden its options,” she said.

Sourc e: https://www.bangkokpost.com/