Thailand’s imports surge on gold shipments, outpace exports
Thailand recorded a trade deficit of US$2.8 billion
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[BANGKOK] 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 per cent in February from a year earlier, accelerating from 29.4 per cent in January, and exports moderated to 9.9 per cent from 24.4 per cent, Commerce Ministry data showed on Tuesday (24 Mar).
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.
With imports outpacing exports for a fifth straight month, Thailand recorded a trade deficit of US$2.8 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 on Tuesday.
Thailand’s rice exports fell 4.2 per cent in volume terms during the first two months of 2026 versus a year ago, with shipments to Iraq – its largest buyer – plunging 52.6 per cent as purchases slowed amid simmering Middle East tensions even before the Iran conflict escalated.
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Department of Foreign Trade Director General Arada Fuangtong said Tuesday that Thailand is likely to miss its rice export target of 7 million tons if the Middle East conflict persists, adding that shipments are already being hit by higher freight and fuel costs.
Thailand is among 16 countries targeted by 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.
Foreign trade deparment’s Arada said Tuesday that the US probe will involve Thai exports of cars and parts, machinery and rubber. BLOOMBERG
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