Worawong recommends that for the economy to expand beyond 2.1%, Thailand must reduce its trade deficit. Concern arises as the first nine months show a deficit of 1.4 trillion baht, dragging Thailand’s economy to the bottom of the region’s rankings.
Worawong Ramangkul, former Assistant Minister of Commerce, expressed concern over Thailand's trade balance situation after September 2026 figures showed a trade deficit of 5.856 billion USD, marking the 12th consecutive month of deficits since October 2025. This resulted in a cumulative trade deficit of about 43.693 billion USD (approximately 1.4 trillion baht) for the first nine months of 2026 (Jan–Sep). He said that if Prime Minister Anutin Charnvirakul wants Thailand's economy to grow beyond 2.1%, the trade deficit must be reduced.
Worawong stated that Thailand has not recorded a trade surplus in any month during the past nine months. April saw a record high deficit of 10.0213 billion USD, reflecting that the problem is structural rather than temporary and requires urgent correction.
He noted that although the deficit has persisted for 12 months, the government still lacks clear measures to address the issue, including boosting export value and managing trade impact with the United States, allowing the cumulative deficit to grow monthly.
Exports in the first nine months of 2026 totaled 304.589 billion USD, with September exports at about 38.439 billion USD. However, imports accelerated faster, totaling about 348.282 billion USD in the same period, resulting in a cumulative trade deficit exceeding 43.693 billion USD.
Worawong said that on 6 February 2026, he had voiced disagreement with Deputy Prime Minister and Commerce Minister Supachai Sutthumpun’s statement that “export growth is inefficient.” He expressed confidence that this year would be a “golden year for Thai exports,” which was realized as exports surpassed 300 billion USD in the first nine months and grew continuously, thanks to market opening and trade negotiations under former Commerce Minister Pichai Naripthaphan. However, export success was overshadowed by much higher import growth, preventing Thailand from fully benefiting from this golden year.
“Exports have performed well as expected, but high export figures do not reflect a strong Thai economy. We have faced a full year of trade deficits without seeing serious government action to solve the problem. More money leaves the economy through imports than is earned every month, which certainly affects the money supply,” Worawong said.
Worawong reiterated his earlier concerns that the government must evaluate the effects of trade agreements with the United States on macroeconomic stability, especially if increased imports from the U.S. outpace exports.
He also proposed that the government accelerate two key actions: conclude beneficial and clear tax negotiations with the U.S. to reduce exporters’ uncertainties, and finalize the Thailand-European Union free trade agreement (FTA) to open new markets and enhance the competitiveness of Thai products.
“The EU is a high-potential market; exports there grew over 31% just in July. If we can close the FTA deal soon, it will help sustain export growth and reduce long-term trade deficit problems,” Worawong said.
However, Worawong expressed concern about the recently announced Thailand-United Arab Emirates free trade agreement (FTA), finalized on 7 October 2026. He warned that FTA negotiations must be conducted carefully, as they might harm domestic industries and worsen the trade deficit if imported petrochemical products from the UAE increase significantly.
Worawong said the nine-month trade deficit accounts for about 7–8% of annual GDP, whereas the previous year Thailand still had a trade surplus in the first seven months. This decline in net exports strongly drags on the economy. The IMF projects Thailand’s 2026 GDP to grow only 1.5%, the lowest in the region, while Indonesia, Singapore, and Malaysia are expected to grow over 3.5%, and Vietnam up to 7.1%. Without urgent government action, Thailand’s economy will fall further behind regional peers.