Thai exports hit historic high as March shipments surge 18.7%
Electronics, AI-driven demand and strong farm and food shipments helped push exports higher, though Hormuz disruption weighed on the Middle East.
- Thailand's exports in March 2026 surged by 18.7% to a record high of US$35,157.1 million, marking the 21st consecutive month of growth.
- The increase was primarily driven by strong demand for electronics and electrical appliances, fueled by AI and data center technology, as well as growth in agricultural products.
- The strong March performance contributed to an overall export expansion of 17.6% for the first quarter of 2026.
- Despite the record growth, exports to the Middle East began to contract, showing the initial impact of transport disruptions around the Strait of Hormuz.
Nantapong Chiralerspong, Director-General of the Trade Policy and Strategy Office (TPSO), said Thailand’s exports in March 2026 were valued at US$35,157.1 million, up 18.7%, marking the highest value on record and extending growth for a 21st consecutive month.
Excluding oil-related products, gold and military goods, exports expanded by 19.3%.
The main drivers of export growth remained electronics and electrical appliances, which continued to benefit from rising demand for AI and data centre technology, as well as short-term momentum from the easing of US tariff measures.
Exports of high-potential agricultural and food products also expanded strongly, including fresh durian, fresh mangosteen, pork and pet food.
However, the impact of transport disruption around the volatile Strait of Hormuz began to show, with the Middle East market returning to contraction.
Exports in the first three months of 2026 expanded by 17.6%.
Excluding oil-related products, gold and military goods, exports grew by 17%.
In March 2026, exports were valued at US$35,157.1 million, up 18.7% from the same month of the previous year.
Imports were valued at US$38,496.6 million, up 35.7%, resulting in a trade deficit of US$3,339.5 million.
Overall, in the first three months of 2026, exports were valued at US$96,169.9 million, up 17.6% from the same period of the previous year.
Imports were valued at US$105,646.4 million, up 32.4%, resulting in a trade deficit of US$9,476.6 million.
On the Middle East issue, the impact on exports began to be seen in March.
Thailand’s major export market in the region is the UAE, which has already declined.
The market remains difficult to predict because of its high volatility.
TPSO has set out three scenarios for Thai exports in 2026.
In the best-case scenario, exports would expand by 8%, with a value of US$366,806 million, assuming current problems ease in the second quarter, electronics continue to grow and remain a real supply-chain driver supporting Thai exports, and global demand remains in place.
In the second scenario, exports would expand by 3%, with a value of US$349,824 million, assuming the conflict does not significantly affect shipping routes and the global economic slowdown and inflation are not severe and remain manageable.
In the third scenario, exports would contract by 3%, with a value of US$329,446 million, if the conflict persists, the global economy slows, demand weakens, and inflation remains high.
The export outlook for 2026 is expected to remain on an expansionary path from the previous year, supported by the shift to computers and mobile phones capable of AI processing, as well as continued growth in industrial applications.
However, risks remain from global geopolitical factors, prolonged unrest around the Strait of Hormuz, which could affect logistics and energy prices.
This would push up production costs and slow consumption in trading-partner countries, while new US trade measures also pose risks to future exports.
The Commerce Ministry is closely monitoring the situation and assessing the impact with government agencies and the private sector to address problems and reduce the impact on people across the system, so that Thai trade can maintain its growth and seize opportunities amid the crisis.
