FX.co ★ Thailand Unexpectedly Logs Trade Deficit

Thailand’s trade balance shifted to a deficit of USD 2.83 billion in February 2026, compared with a surplus of USD 2.0 billion in the same month a year earlier. The result fell well short of market expectations for a USD 0.96 billion surplus and marked the fifth consecutive monthly shortfall, as import growth continued to outpace exports.

Imports jumped 31.8% year-on-year to USD 32.27 billion, accelerating from a 29.4% increase in January and registering the fastest expansion since December 2021. The surge in inbound shipments was underpinned by strong domestic demand, bolstered by government stimulus measures introduced ahead of the general election.

By contrast, exports rose 9.9% to USD 29.44 billion, a sharp slowdown from the 24.4% surge recorded in January and below market projections of 15.1% growth. The marked loss of momentum signaled softer external demand, in part reflecting persistent uncertainty stemming from geopolitical tensions in the Middle East, which continued to weigh on global trade flows.