Core Insights - Thailand's export growth has slowed to its lowest level in nearly a year due to the impact of U.S. tariffs, with August exports increasing by only 5.8% year-on-year, reaching $27.7 billion [1] - The inflation rate in August decreased compared to previous predictions, indicating a slowdown in exports to the U.S., Thailand's largest market [1] Export Performance - In the first eight months of 2025, Thailand's export value grew by 13.3%, totaling $223 billion, while imports increased by 11.3% to $225 billion [1] - Monthly export values for the remaining four months of the year are expected to range between $24 billion and $24.5 billion [2] Market Dynamics - Exports to major markets such as the U.S., China, and Southeast Asia showed growth, with exports to China increasing by 5.9% [2]

Core Viewpoint - Despite strong export growth of 13% in the first seven months of the year, Thailand's export growth is expected to slow down due to the 19% tariffs imposed by the U.S. on imported goods [1] Export Performance - Thailand's export value reached $28.6 billion in July, with a year-on-year growth of 11% and a month-on-month increase of 0.2%, surpassing market expectations of 9.6% growth [1] - Excluding gold, oil-related products, and weapons, Thailand's exports grew by 16.6% year-on-year, accelerating from 15.6% in June [1] - The cumulative growth rate for the year to date stands at 14.4% [1] Sector Contributions - Industrial exports grew by 14% in July, with significant contributions from electronic components, particularly computers (61% growth) and integrated circuits (55% growth) [1] - Electrical products and rubber products also contributed to growth, with year-on-year increases of 9.9% and 9.7%, respectively [1] - Agricultural exports continued to support overall shipment volumes, with strong growth in frozen fruits, processed poultry, pet food, and sugar [1] Challenges and Future Outlook - Rice and rubber exports have contracted for the third consecutive month, with Thai rice facing intense competition after India lifts its export ban in September 2024, and the Philippines suspending imports to protect domestic prices [1] - The poultry sector is expected to be a highlight for Thai freight, supported by increased exports to China [1] - Analysts predict a slowdown in export growth for the remainder of the year due to the impact of U.S. tariffs and the announcement of global tariffs on specific products by Washington [1]