The Office of Trade Policy and Strategy (OTPS) revealed that Thailand's exports in February 2026 expanded by 9.9%, marking the 20th consecutive month of growth, generating over 910 billion baht. This was supported by electronics and electrical appliances. Meanwhile, imports surged past 1 trillion baht, resulting in a cumulative trade deficit exceeding 200 billion baht for the first two months, the highest in 13 years. Attention is now on March's outlook, which may slow due to impacts from the Middle East conflict.
Ms. Nattiya Sujinda, Deputy Director of the Office of Trade Policy and Strategy (OTPS). She disclosed statistics on Thailand's international trade for February 2026: exports amounted to 29.44 billion US dollars, up 9.9% compared to February 2025, continuing growth for the 20th month, equivalent to 912.567 billion baht. Imports were 32.27 billion US dollars, up 31.8%, or 1.013 trillion baht, mainly machinery imports due to increased and new investments in Thailand, as well as raw materials and gold. This led to a trade deficit of 2.83 billion US dollars, or 101.166 billion baht.
For the two-month period (January–February) of 2026, exports totaled 61.01 billion US dollars, up 17% compared to the same period in 2025, equivalent to 1.893 trillion baht. Imports reached 67.15 billion US dollars, up 30.5%, or 2.111 trillion baht, resulting in a trade deficit of 6.14 billion US dollars, or 217.866 billion baht, the highest in 13 years. “Export support factors include sustained demand for electronics products and continuous expansion of ICT infrastructure, along with global industrial manufacturing growth and increased agricultural product exports driven by niche demand and seasonal factors.”
As a result,industrial productsincreased by 13.3%, with key expanding items including computers, equipment and components; automobiles, equipment and parts; telephones, equipment and components; machinery and parts, among others.
Meanwhile, over two months, these products grew 21.3%, whereas agricultural and agro-industrial products declined 5.7%, due to decreases in rubber, wheat products and other processed foods, cassava products, sugar, beverages, and fresh, chilled, and frozen chicken. Over the two months, this sector dropped 3.8%. Export markets continue to expand well in many key destinations.
Regarding the export outlook for March 2026, a slowdown is expected due to higher shipping and freight costs. However, exports may rise as exporters rush shipments to avoid uncertain US tariffs, which currently apply a 10% rate for 150 days. Imports may also slow as oil and some raw materials become scarce due to the conflict in the Middle East.
“The Ministry of Commerce will closely monitor export conditions and assess the impact of the Middle East situation to reconsider the 2026 export targets in April after first-quarter export data is available. For now, the annual export target remains set with three scenarios: the best case is 1% growth, averaging 28.236 billion US dollars per month; the moderate case is a 1% decline, averaging 27.523 billion US dollars; and the worst case is a 3% decline, averaging 26.8 billion US dollars monthly.”
Ms. Nantnadda Phattiyakul, Director of the International Trade Strategy Office at the Department of International Trade Promotion. She said the department has held meetings with private industrial sectors to assess export conditions and found impacts from rising shipping costs and raw material shortages. The Ministry of Commerce has intervened by requesting commercial attachés abroad to find new sources of raw materials and coordinating with financial institutions like EXIM Bank to support exporters with liquidity.
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