Thailand’s exports continued their growth streak for the 17th consecutive month in November 2025, rising 7.1% year-on-year to US$27.5 billion. Growth was primarily catalyzed by the global upward cycle in the computer industry and aggressive expansion in modern technologies, including artificial intelligence (AI).
While industrial manufacturing remained robust, a significant surge in imports led to a widening trade gap. Through November 2025, Thailand's exports reached US$27.5bn (+7.1% YoY) while imports rose to US$30.2bn (+17.6% YoY), resulting in a US$2.7bn trade deficit. Industrial exports increased 12.2%, extending the expansion streak to 20 consecutive months. Growth was led by computers, printed circuit boards (PCBs), telecommunications equipment, gems and jewellery (ex-gold), electric transformers, and control panels, while automobiles, chemicals, and plastic pellets declined.
On a year-to-date basis (Jan–Nov 2025), cumulative exports totalled US$310.7bn (+12.6% YoY) and cumulative imports US$315.66bn (+12.4% YoY), leaving a US$5.0bn trade deficit. Excluding gold, oil, and defence, core exports increased 13.7% over the first eleven months of 2025.
Implications for Thailand's Economy 2026
The Ministry of Commerce identifies AI infrastructure as a primary tailwind for Thai manufactured goods. Industrial strength currently offsets ongoing weakness in the agricultural sector, which remains under pressure from natural disasters and intensifying global competition.
For 2025, the Ministry estimates full-year export growth will land between 11.6% and 12.1%. However, preliminary forecasts for 2026 suggest a significant cooling, with growth projected in the range of -3.3% to 1.1%. Risks to the 2026 outlook include weaker global economic conditions, the impact of U.S. tariff measures, and a stronger baht currency weighing on competitiveness.
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