In August 2025, Thai exports grew 5.8% YoY, slowed by US tariffs, with strong electronics and gold exports. Imports surged 15.8%, causing a trade deficit and forecasted export contractions due to tariff risks.
Export Performance and Key Drivers in August 2025
In August 2025, Thailand’s export value reached USD 27,743.19 million, growing by 5.8% year-on-year (YoY), which slowed considerably from 11.0% in July and missed expectations. Seasonally adjusted data showed a slight month-on-month contraction, continuing a declining trend since July. Export growth was mainly supported by electronics exports to the United States and significant gold exports to Switzerland and ASEAN countries. Notably, electronics products such as computers and electrical components maintained strong growth despite the phased U.S. import tariffs introduced from August 7, which affected overall export growth momentum.
Imports Surge and Trade Deficit Widening
Imports accelerated sharply in August to USD 29,707.6 million, up 15.8% YoY, surpassing forecasts. Growth was broad-based, led by capital goods imports from China, consumer goods, raw materials including gold, and vehicle-related products. The surge in imports resulted in a trade deficit of USD 1.96 billion, reversing the surplus trend of the previous three months. Particularly large increases in precious stones, jewelry, and electrical circuit board imports from the U.S. and Taiwan contributed to the import surge and widened the trade deficit, reflecting rising domestic demand and complex supply chain dynamics.
Risks and Challenges from U.S. Tariffs
Looking ahead, risks to Thai exports remain high due to the imposition of U.S. reciprocal tariffs and potential additional specific tariffs, especially on electronics—the key export category. The U.S. tariff system is complex, with layered tariffs including reciprocal, specific, and special tariffs under Section 232, which could exceed the negotiated 19% rate. This complexity creates uncertainty, potentially affecting about 35% of Thailand’s exports to the U.S. Additionally, factors such as currency appreciation and a high base effect may pressure exports. Ongoing geopolitical tensions and tariff reviews further exacerbate the risks facing Thai exporters for the rest of 2025.
