Thai exports hit four-year high as January shipments jump 24.4%

Exports extend streak to 19 months

Thailand’s export value in January stood at US$31,573.1 million, expanding 24.4% from a year earlier—its 19th consecutive month of growth and the highest level in four years, according to the Fiscal Policy Office (FPO).

Winij Wisetsuwanphum, Director-General of the FPO, said the export performance was supported by broad-based gains across key manufacturing categories and continued strength in several major markets.

Electronics, appliances and autos lead growth

Winij said that excluding oil, gold and defence-related items, exports still rose 20.9%. He cited standout expansion in electronics, electrical appliances and automobiles.

He added that exports of fresh and processed fruit, shrimp and pet food also continued to grow. By market, shipments to Australia, the United States, China and ASEAN expanded strongly, while exports to Indochina and Africa remained in contraction.

Election campaigning lifts sentiment; investment signals improve

The FPO also pointed to election campaigning as another tailwind, saying it has helped increase money circulation in the economy and pushed the consumer confidence index up to 52.8.

This aligned with a sharp rise in new passenger car registrations, which jumped 52.2% year on year and increased from the previous month on a seasonally adjusted basis. Motorcycle registrations, however, fell 3.4%, while real farm income declined 9.0%.

Private investment showed early positive signs, the FPO said, reflected in a 24.5% rise in capital goods imports, suggesting manufacturers are preparing for higher production.

Tourism softens; external risks in focus

Despite the brighter picture from exports, the FPO flagged key risks. Foreign tourist arrivals fell 11.6% to 3.28 million, while real farm income remained under pressure.

Winij also warned of overseas uncertainty, including Iran–US tensions and the possibility of US retaliatory tariff measures, which could weigh on Thailand’s trade outlook.

Stability indicators remain sound

The FPO said economic stability remains in a healthy range, with headline inflation at 0.66%, public debt at 66.1% of GDP, and international reserves at US$289.6 billion.

It added that foreign investors have been net buyers of Thai equities since the start of the year, totalling 58,840.22 million baht as of February 24, 2026, signalling improving confidence—though it urged close monitoring of the baht, financial market volatility and geopolitics in the months ahead.