Currently, the Thai stock market continues to see positive factors such as strong growth in investment promotion applications from the BOI, ongoing foreign investment inflows, and net buying by foreign investors. These contribute to optimism about the recovery of Thailand's economy and capital markets amid ongoing global economic uncertainties.
Another positive sign not to be overlooked is Thailand's exports, which have grown for 26 consecutive months, mainly driven by strong demand for electronics linked to AI technology development, while agricultural and food products also support export growth.
Thairath Money has gathered information on how this export growth is impacting the performance of listed Thai companies and which stock groups stand to benefit the most.
The KASIKORN Research Center reported that Thailand's exports in September 2026 expanded 24.0% year-on-year, totaling $38.44 billion, marking an all-time high.
Electronics led the growth, expanding 66.3%, as part of the high-tech supply chain related to AI and Data Center technologies.
The U.S. is the primary market, accounting for 48.2% of total electronics exports, with exports to the U.S. rising 68.2%, causing overall exports to the U.S. to grow 50.1% in that month.
Besides electronics, agricultural and food exports also increased significantly, including rubber, pet food, fresh fruit, processed chicken, and shrimp, while refined oil exports accelerated due to price factors.
However, rice exports continued to contract amid intensifying competition and unrest affecting Middle Eastern markets. Meanwhile, unprocessed gold exports declined notably following lower prices.
Imports in the same month rose sharply by 50.4% to $44.30 billion, also a record high, driven by a 45.7% increase in fuel imports amid higher prices linked to Middle East tensions, along with electronic items like circuit boards, electrical machinery, and computer equipment.
KASIKORN Research Center has revised its 2026 export growth forecast from 14.0% to 20.5%, and import growth from 27.0% to 34.0%, expecting imports to outpace exports due to sustained high energy prices, demand for capital and intermediate goods, and excise tax measures on imported EV vehicles effective from 1 Jan 2027.
This may prompt accelerated imports before the tax takes effect, likely causing a continued trade deficit on a customs basis, though overall figures are expected to remain close to previous estimates.
Pi Securities Public Company Limited stated in an analysis that the Ministry of Commerce reported September export values grew year-on-year, mainly driven by electronics-related products, while agricultural exports such as rubber, frozen fresh chicken, and pet food also expanded. However, a 50% rise in imports year-on-year pressured the trade balance into a deficit.
They view this positively for stocks DELTA, HANA, KCE, ITC, and TU, and project the SET index to range between 1,570-1,590 points as expected, supported by capital inflows into value stocks and a net foreign purchase of 3.53 billion baht.
Kasikorn Securities Public Company Limited noted that Thailand's exports in September 2026 grew 24%, boosting exports for the first nine months to 19.6%, led by electronics linked to AI as well as agricultural and food products.
They forecast annual growth could reach a record 19%, totaling around $405 billion. However, imports surged 50.4%, resulting in a September trade deficit of $5.86 billion.
This is positive for export stocks in electronics and food sectors such as DELTA, KCE, HANA, ITC, and AAI, though the high trade deficit may pressure the baht and increase costs for companies reliant on imported raw materials.
Innovest Securities Company Limited's analysis expects 2026 exports to grow 19%, setting a new record near $405 billion, favoring electronics parts stocks like HANA, DELTA, and KCE, as well as food stocks TU and ITC.
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