Thai merchandise exports hit a record USD 31 billion in May 2025, driven by electronics and gold. Imports also rose strongly, but export growth may slow due to tariff risks and geopolitical tensions. Analysts suggest that while the electronics sector continues to benefit from global demand, uncertainties surrounding trade policies and regional conflicts could weigh on future performance. Additionally, fluctuations in gold prices may further impact export figures in the coming months.
Record-High Thai Merchandise Exports in May 2025
Thai merchandise exports surged by 18.4% year-on-year (YOY) to USD 31,044.58 million in May 2025, achieving the highest level on record and surpassing expectations. This marked a sharp acceleration from April’s 10.2% growth, bringing the five-month export expansion to 14.9%. The growth was mainly driven by strong electronic exports, especially to the U.S., China, and Hong Kong, where electronics accounted for 67.4% of total export value. Gold exports also contributed significantly, despite a slowdown from previous months, boosted by demand from Cambodia, Lao PDR, and the UAE.
Import Growth and Trade Balance
Thai imports expanded by 18.0% in May 2025, reaching USD 29,928.1 million and exceeding expectations. The growth was led by capital goods imports from China and Taiwan, alongside sustained increases in vehicles, raw materials, and consumer goods. Fuel and military imports declined. This export-import dynamic helped Thailand record a trade surplus of USD 1,116.4 million in May, reversing two months of trade deficit.
Forecast and Risks for Thai Exports
SCB EIC expects Thai exports to slow and possibly contract in the latter half of 2025 amid intensified international trade tensions. Temporary front-loading of electronics exports and gold-related factors, which boosted early-year growth, are fading. Risks include potential new U.S. tariffs targeting key Thai export products and geopolitical instability in the Middle East. Moreover, falling rice export values and rising global uncertainties may further challenge Thailand’s export outlook.
