Thailand Raises 2025 Export Forecast to 14.3% Growth
Thailand's August exports surged 24.3% year-on-year to $34.62 billion, driven by technology and electronics shipments, prompting the government to raise its 2025 export growth forecast to 14.3%.
Krungthai COMPASS, through analysts Krit Sripracha and Vorathan Hotraphavan, reported that Thai exports in August 2025 totaled $34.62 billion, expanding 24.3% year-on-year and accelerating from July's 21.6% growth. Excluding gold, exports grew 20.6%. Technology and electronics exports drove the gains, with industrial goods shipments expanding 27.1% for a 29th consecutive month of growth, while agricultural and agro-industrial products returned to growth at 1.4% after four months of contraction.
Exports to most markets grew, with the US market particularly strong at 48.7% year-on-year growth—the 35th consecutive month of expansion—powered by computer and electronic equipment shipments. The Middle East contracted 7.8% and South Asia declined 11.4% for the fourth straight month. August imports reached $37.10 billion, up 25.1% year-on-year but slower than July's 36.7%, reflecting purchases of capital goods and raw materials for technology manufacturing. The trade deficit widened to $2.48 billion, marking the 11th consecutive month in deficit.
Krungthai COMPASS raised its full-year 2025 export growth forecast to 14.3% from 9.5%, citing the strength of the technology cycle, particularly in computer-related products. The latest export index reached 327 on a 2023 base, reflecting continued upward momentum in the technology sector, while the industrial production index for computer and hard disk products stood at 128 in July.
However, the export recovery remains uneven. Other sectors including automobiles and components, plus construction materials, continue to face pressure. The bank also warned that Thailand's current account deficit has persisted for five consecutive months through July despite strong export growth, driven by elevated import levels. Capital goods imports surged 34.7% year-on-year from January to August as infrastructure technology investment accelerated, while raw materials and intermediate goods for export-oriented production jumped 51.3%. Negative net service income has also weighed on the current account.
