April 2026 Thai Exports Surge on Electronics Boom as Trade Deficit Hits Record

In April 2026, Thai exports grew 23.1%, driven by electronics and US demand, while imports surged 45%, causing a record trade deficit; SCB EIC raised the 2026 export forecast to 7.8%.

Strong Growth in Thai Exports in April 2026

Thailand’s export engine is running hot—powered by electronics, AI‑related demand, and a rebound in agriculture. But imports are running even hotter, especially in energy and electronic components, pushing the trade deficit to unprecedented levels.

Key Drivers

• Electronics exports jumped 64.6%, benefiting from the global electronics upcycle and AI/data‑center investment trends .
• Electronics alone contributed 13.2 percentage points to total export growth .
• Exports to the US surged 44.2%, with electronics to the US up 93.8% .
• Agricultural exports rebounded 17.9%, led by fruit exports (+74.3%), especially durian (+109.5%) .
• Middle East exports rebounded 19.3%, but almost entirely due to a one‑off spike in jewelry/precious stones (+1,157%)

Thai exports surged to USD 31.6 billion in April 2026, expanding by 23.1% year-on-year and accelerating from 18.7% the previous month. This growth exceeded expectations, driven primarily by electronics, which grew 64.6%, benefiting from the global technology upcycle and strong demand from key markets like the US. Agricultural exports also rebounded with a 17.9% increase, especially fresh fruits like durian.

Exports to the US rose 44.2%, partly due to reduced tariffs and increased shipments of electronics and other products. However, exports to the Middle East rebounded mainly due to a sharp rise in jewelry exports.

Record-High Imports and Trade Deficit

Imports in April rose 45%, the highest in nearly five years, reaching USD 41.6 billion. This increase was driven by raw materials, intermediate goods, fuel—including crude oil prices impacted by Middle East tensions—and capital goods for technology sectors. Imports from China and Taiwan expanded substantially as Thailand sourced key inputs for its electronics manufacturing. Consequently, the trade deficit hit a record USD 10 billion for the month, with a cumulative deficit of nearly USD 19.5 billion during January-April 2026.

Revised Outlook for 2026 Trade Performance

SCB EIC has revised its 2026 export growth forecast upward to 7.8%, citing robust performance in electronics and improved global trade forecasts by WTO and IMF. The expansion in AI-related products and rising global gold demand also supports this outlook. Meanwhile, imports are expected to rise 15.8%, fueled by strong capital goods demand and higher fuel import costs. Despite potential risks from US tariff measures, Thailand’s export sector remains resilient, supported by ongoing global electronics upcycles and technology investments, especially in data centers.

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