Thailand: Merchandise exports surge in March
Latest reading: Merchandise exports shot up 17.8% on an annual basis in March, following February’s 13.9% jump. March’s upturn marked the fastest expansion in two years. Meanwhile, merchandise imports increased 9.4% in annual terms in March (February: +4.1% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.4 billion surplus in March (February 2025: USD 4.4 billion surplus; March 2024: USD 1.2 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 25.0 billion surplus in March, compared to the USD 22.8 billion surplus in February.
Outlook: Looming reciprocal tariffs, weaker-than-expected global economic growth and deteriorating market sentiment pose downside risks to trade.