Thailand's Gold Imports Hit 900 Billion Baht as Customs Eyes Controls

Thailand's gold imports have reached 900 billion baht during the first 11 months of fiscal year 2025 (October 2024 to August 2025), according to Customs Director-General Panthong Loaykulnant. Total trade value hit 24.05 trillion baht, up 19.31% from the previous year, comprising imports of 12.8 trillion baht (up 26.30%) and exports of 11.24 trillion baht. Major imports include electronic circuits, crude oil, gold, telecommunications equipment, and natural gas; major exports include telecommunications equipment, computers, gold, pickup trucks, and electronic circuits. Thailand is projected to end the fiscal year with total trade value of 25 trillion baht but faces a trade deficit of approximately 1.6 trillion baht, with gold and crude oil imports contributing roughly 2 trillion baht combined to the shortfall.

Loaykulnant expressed concern that gold imports of 900 billion baht represent 7-8% of total imports and are suspiciously high for domestic consumption alone. Unlike crude oil, which Thailand must import due to insufficient domestic production, gold imports lack transparency regarding their final destination. Gold is currently exempt from import tariffs, depriving the government of tax revenue. Loaykulnant noted that Malaysia levies a 10% import tax on gold and India charges 15%, and called for better monitoring of gold imports to address both the trade deficit and concerns about who benefits domestically.

He clarified that much of Thailand's gold exports are processed abroad for refinement to international standards in countries like Switzerland and Australia. While the Customs Department provides trade data to support policy decisions, the decision to impose gold import tariffs rests with policymakers rather than the customs authority.