Thailand’s recent trade figures reflect both challenges and opportunities for the nation as it navigates a complex global market. In March 2025, the kingdom’s exports surged by 14.0% year-on-year, continuing an upward trend from the previous month, which saw a growth rate of 13.6%. This steady increase is attributed primarily to robust performances in industrial goods, agricultural products, and agro-industrial exports. Meanwhile, imports rose at a more modest pace, showing a 4.0% year-on-year increase, contributing to a trade surplus of $1,988.3 million.
Despite being in its eighth consecutive month of growth, experts caution that Thailand’s export landscape remains precarious, significantly impacted by ongoing global trade tensions, particularly concerning the impending U.S. reciprocal tariff measures expected to be announced in April 2025. Such developments could adversely affect Thailand's export figures, with exports to the U.S. accounting for a significant portion of the total.
The export data indicates that in February, the total value of exports reached $26,707.1 million. The remarkable increase in exports is further highlighted by the notable growth in gold exports, which skyrocketed by 126.1% compared to the same month last year. When excluding gold from calculations, the growth still stands at an impressive 13.6% year-on-year, bolstered by strong demand for several key industrial goods.
Key products driving this growth include computers and components, which alone saw a remarkable growth rate of 51.3%. Other products like jewelry and ornaments increased by 106.3%, while air conditioners and their components rose by 32.8%. The automotive sector also rebounded slightly, registering a 4.5% increase. However, some sectors faced declines, particularly in steel, which dropped by 13.2%, and semiconductor equipment, which plummeted by 46.1%.
Furthermore, agricultural and agro-industrial products grew by 3.9% year-on-year, an improvement from January’s growth of just 0.1%. Rubber exports surged by 35.7%, processed food by 27.7%, and sugar exports increased by 25.8%. Yet, traditional agricultural exporters like rice faced significant challenges, with rice exports declining by 34.3%.
Thailand’s export growth exhibited varying performance across its major trading partners. Exports to China, for instance, experienced remarkable growth of 22.4% year-on-year, marking a continuation of strong ties as major products such as computers dominated exports. In contrast, Japan saw a decrease of 3.1% year-on-year, largely due to reduced demand for automobiles and consumer electronics.
The EU market also enjoyed a 4.5% increase, supported by continuing demand for electronics and components. The ASEAN-5 countries, however, experienced a slight downturn of 0.5% year-on-year.
In terms of imports, Thailand’s total import figure for February stood at $24,718.9 million, growing at a rate of 4.0% year-on-year, a notable dip from January’s 7.9% growth. Key areas that contributed to the decline in imports include capital goods, down by 11.8%, vehicles, down by 8.6%, and fuels, down by 5.7%. However, there was growth in raw materials and semi-finished goods at 12.8% and in consumer goods at 10.3%.
Overall, during the first two months of 2025, cross-border trade and border trade figures reflected a continuous upward trend. February alone saw total trade amounting to 154,354 million baht, up 19.9% from the same month last year. Exports were 86,020 million baht, up 20.8%, and imports were 68,334 million baht, up 18.8%, resulting in a trade surplus of 17,686 million baht.
Thailand’s border trade figures showed an intriguing landscape with trade value with its neighboring countries collectively amounting to 86,543 million baht. Exports to CLMV countries (Cambodia, Laos, Myanmar, and Vietnam) reached 28,078 million baht (up 8.4%). Exports to China marked the highest value, totaling 38,537 million baht and showed a massive 55.5% increase.
The Director-General of the Department of Foreign Trade highlighted that the border trade continues to retain its growth trajectory, primarily focusing on the export of electronics and agricultural products. Actions to mitigate complexities in cross-border trade, especially with Myanmar, will be closely monitored. Meanwhile, significant engagement in trade fairs and promotional events underscore Thailand’s commitment to sustaining growth in this sector.
Overall, while March 2025 marks a favorable point for Thailand’s exports, close attention must be paid to the intricate web of domestic production challenges and global trade dynamics. The successful navigation of trade policies, particularly concerning tariffs, will be essential for maintaining this growth trend into the latter parts of the year.
