# February 2026 Export Growth Slows as Imports Reach 50-Month Peak

- Link: https://www.thailand-business-news.com/economics/298960-february-2026-export-growth-slows-as-imports-reach-50-month-peak
- Published: 2026-04-07T08:55:54+07:00
- Author: Economic Intelligence Center Siam Commercial Bank

**In February 2026, Thai exports grew 9.9%YOY, driven by electronics and the US 
market, while imports surged 31.8%YOY. Middle East conflict and US tariffs pose 
risks, potentially worsening Thailand’s trade deficit.**

## Thai Export Performance in February 2026

Thai exports in February 2026 slowed to a growth of 9.9% year-on-year (YOY), with
a total export value of USD 29,439.7 million. This was a significant deceleration
from January’s 24.4% YOY surge and below forecasts. The export slowdown was coupled
with a sharp 11.1% month-on-month seasonal adjustment contraction. Electronics led
exports, expanding over 56.8% YOY due to global demand and investment in related
industries, especially to the US, where exports rose 40.5%. Gold exports grew moderately
by 18.2%, affected by falling global prices.

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## Import Trends and Trade Balance

Imports surged to USD 32,273.3 million, the highest in 50 months, rising 31.8% YOY,
driven mainly by raw materials, intermediate goods, and capital goods like gold 
and electrical machinery. This import growth intensified the trade deficit, which
reached USD -2,833.6 million in February, with a cumulative deficit of USD -6,137.1
million for the first two months of 2026.

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## Outlook and External Challenges

Thailand’s trade outlook faces challenges from the Middle East conflict and rising
US import tariffs. The Middle East conflict, though limited in direct impact, may
affect key export sectors and energy costs, worsening the trade deficit. Meanwhile,
ongoing US tariff investigations under Section 301 pose export risks. The Ministry
of Commerce projects 2026 export growth scenarios ranging from -3% to +1.1% YOY.
SCB EIC will update economic forecasts by March’s end amid these evolving uncertainties.

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