Export and import price indices surge in March, driven by rising energy costs and strong electronics demand
Thailand's export and import price indices surged in March 2026, with the import index hitting a 42-month high of 126.0 as Middle East tensions raised energy and raw material costs, though strong electronics and AI-related product demand su
Nanthapong Jiralertpong, director of the Office of Trade Policy and Strategy (สนค.) under the Commerce Ministry, revealed that Thailand's export and import price indices for March 2026 showed continued expansion year-on-year. The growth stems from Middle East conflicts raising energy, transportation, and raw material costs, combined with sustained demand for electronics and AI-related products.
However, several risk factors threaten future price growth, including global economic and trade uncertainty, geopolitical conflicts across regions, climate change, trade protectionism policies, intense price competition, and baht volatility.
The March 2026 export price index reached 114.4, up 3.1% year-on-year. Industrial goods remained the primary driver, especially electronics and components recovering with the global technology cycle, alongside fuel prices surging from Middle Eastern geopolitical crises. Agricultural and food products also continued supporting exports.
The minerals and fuels category expanded 26.8%, marking a 41-month high, particularly crude and refined oil prices rising with global markets due to Middle East tensions. Industrial goods rose 2.7%, including gold, computer equipment, air conditioning units, and components. Agricultural products increased 2.6%, featuring cassava products, chilled and frozen poultry, and chilled or dried fruits. Agricultural industrial goods rose 0.1%, including pet food, plant and animal oils, and canned seafood, driven by higher raw material costs.
The March 2026 import price index reached 126.0, up 10.2% year-on-year—the highest in 42 months—impacted by elevated global energy costs and increased raw material demand in manufacturing.
Fuel imports expanded 27.3%, a 38-month high, primarily from crude oil prices driven by intensifying Middle East geopolitical crises, particularly the Hormuz Strait closure, disrupting global energy supplies. Raw materials and semi-finished goods rose 10.9%, including gold, electrical equipment components, other metal ores, scrap metals, and fertilizers for industrial and agricultural production. Consumer goods increased 6.1%, featuring household electrical appliances, medical and pharmaceutical products, and clothing and textiles. Capital goods rose 4%.