Thai Exports Surge: Electronics and Gold Drive Growth in February
The latest trade data shows that Thailand's exports experienced a significant boost in February 2025, driven primarily by soaring gold sales and the growing electronics market, amidst concerns over ongoing trade tensions with major partners.
The value of Thailand's exports reached a remarkable $26.7 billion in February 2025, marking a sharp increase of 14% year-on-year, which is a continuation from January’s growth of 13.6%. According to the SCB Economic Intelligence Center (SCB EIC), this is slightly below the expected growth of 17% and the median forecast by a Reuter poll of 9.7%. Over the first two months of the year, Thai exports expanded by 13.8%.
A significant contributor to this growth has been the notable rise in gold exports, which increased a staggering 4,160% compared to the previous year. SCB EIC estimates that almost all of this figure is attributed to gold exported to India in the form of an alloy alloyed with platinum, benefiting from tax advantages for Indian importers. This surge began in November and became particularly pronounced in December 2024, which recorded a phenomenal growth of 524,302%.
Furthermore, refined gold exports also rose impressively by 26.1%, following a staggering 148.9% hike in January. Specifically, Switzerland and Singapore emerged as key markets, with exports to Switzerland soaring by 339.5% and to Singapore by 277.1%. Collectively, these gold and precious metal exports played a pivotal role in driving the overall Thai exports in February, contributing an impressive 6.1% to the total growth.
Excluding gold and other precious metals, actual export growth was recorded at 8.2%, an increase from 6.2% in January. Besides gold, Thailand's exports benefitted from a rising electronics cycle and extensive export preparations ahead of trade restrictions from the U.S. market, particularly as Chinese imports surged following the recent Lunar New Year celebrations.
Computer exports saw a tremendous increase of 51.3%, building on previous January figures of 45%. This growth was notably backed by a 35.2% rise in the U.S. market and a staggering 230.3% in China.
Export growth to the U.S. illustrated a strong increase of 18.2%, encompassing various key products, especially computer equipment and components (35.3%) and air conditioning units (92.8%). Exports to China also registered a considerable rise of 22.4%, with substantial increases in rubber products (41.6%), latex (69.8%), chemicals (50.5%), and computer equipment (230.3%).
While industrial and agro-industrial products demonstrated positive growth, agricultural goods and fuel sectors contracted during February. Notably, industrial exports expanded by 17.2% and maintained an over a year-long growth streak. Major contributors included jewelry, computers, air conditioning and machinery components, despite declines in significant sectors including steel and motorcycles.
In terms of trade with Thailand’s key partners, exports to India exhibited a remarkable growth of 156.8% in February, largely credited to the jewelry sector, reflecting a 2,066% increase representing 62% of Thailand’s total exports to the nation. In this month alone, exports to the Indian market totaled $1.22 billion, an astonishing growth of 111,202%.
Thailand’s trade surplus came at $1.99 billion for February and accumulated to $108 million over the first two months, indicating a strong trade position despite fluctuations in certain sectors.
Looking ahead, the SCB EIC projects continued growth for Thai exports in March, potentially benefiting from the electronics cycle and the gradual recovery of orders from trading partners prior to the impending imposition of U.S. trade restrictions. However, there are concerns regarding a slowdown expected in Q2, as geopolitical concerns, investment restrictions, and ongoing labor mobility issues may hinder export potential.
Meanwhile, moving to agricultural exports, Deputy Minister of Commerce Phichai Naripthaphan announced bold steps to enhance Thailand's rice exports to South Africa from March 24-30, aiming to solidify and expand market share in this critical region. This follows a remarkable figure where Thailand shipped approximately 3.37 million tons of rice to Africa in 2024, accounting for 33.88% of its total rice exports.
The upcoming trade mission includes significant stakeholders such as the Thai Rice exporters Association and several private sector players, who will engage with South African government agencies to bolster trade and enhance cooperation. Notably, South Africa importation from Thailand accounted for about 8.38% of the total rice importation within the country, predominantly consisting of steamed rice and jasmine rice.
Furthermore, Phichai emphasized that this campaign extends beyond merely selling rice but intends to pave the way for stronger trade ties with African nations and boost the presence of Thai products throughout the continent.
In a separate announcement, the Department of International Trade Promotion detailed that Thailand reported border trade totals of $154.35 billion in February, marking a significant 19.9% increase from the previous year. The trade figures comprised $86.02 billion in exports and $68.33 billion in imports, heralding a trade surplus of $17.69 billion in February.
In February 2025 alone, border trade with Cambodia, Laos, and Myanmar yielded positive results with Thailand's trade surplus holding strong. As efforts persist to enhance border trade, the Department outlined plans to promote the
