Thai Economy Grows on Exports, Consumption; Tourism Slows

The Fiscal Policy Office reported that Thailand's economy in September 2026 continued to be driven by exports growing 24% for the 27th consecutive month and resilient durable goods consumption, while private investment showed improving signals. However, tourism slowed with foreign visitors dropping 10.5%, alongside warnings over risks from energy prices, financial markets, Middle East conflicts, and US trade measures. Panon Ananaphibul, Director of the Macroeconomic Policy Bureau and spokesperson for the Fiscal Policy Office, revealed the fiscal economic conditions for September 2026, stating that Thailand's economic situation in September 2026 received support from continuous export expansion and durable goods consumption. However, tourism continued to slow. It remains necessary to monitor energy price trends, financial and capital market conditions, and geopolitical conflicts, which could affect supply chains, production costs, and Thailand's economic expansion. Details are summarized as follows: Private consumption indicators showed continuous expansion year-on-year, particularly durable goods consumption. New passenger car registrations and new motorcycle registrations in September 2026 increased 27.4% and 11.6% respectively year-on-year, and rose 3.0% and 0.8% month-on-month after seasonal adjustment. Meanwhile, the consumer confidence index in September 2026 declined to 52.1 from 53.2 the previous month, pressured by flooding in multiple areas and high living costs. For private investment indicators, signals improved year-on-year. Private investment in machinery and equipment, reflected by capital goods imports, surged 83.4% year-on-year and 42.8% month-on-month after seasonal adjustment in September 2026. However, new commercial vehicle registrations fell 3.5% year-on-year. For construction investment, reflected by cement sales, volumes dropped 4.6% year-on-year but rose 0.8% month-on-month after seasonal adjustment. Total export value in USD continued expanding, reaching $38.439 billion in September 2026, up 24.0% year-on-year for the 27th consecutive month. Excluding oil, gold, and defense-related items, exports grew 28.2%, driven by telephones, computer parts, and electrical circuit boards expanding 117.5%, 59.4%, and 45.9% respectively. Fresh, frozen, and dried fruits, para rubber, animal feed, and fresh, frozen, and chilled shrimp grew 34.8%, 29.8%, 17.2%, and 15.6% respectively, while sugar and internal combustion engine parts declined. By major trading partners, exports rose significantly to the US, Australia, EU, Japan, and China, up 50.1%, 37.7%, 34.0%, 19.0%, and 18.4% respectively. However, the Indian market...