Thailand’s exports grew at the slowest pace in nearly a year in August due to the impact of US tariffs, which is expected to be more pronounced from September to December, according to the Ministry of Commerce.
In August, export value increased by 5.8% year-on-year to $27.7 billion, while imports surged by 15.8% to $29.7 billion. The last time monthly export growth was this slow was September 2024 when it was 1.1%.
For the first eight months of 2025, exports rose by 13.3% to $223 billion, while imports grew by 11.3% to $225 billion.
The reading for August compared with a forecast 9.5% year-on-year increase in a Reuters poll and followed a rise of 11% in July.
“The growth was the slowest since September last year and means we are starting to see slowing exports to the United States,” Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, told a press conference.
Prior to the tariffs taking effect on Aug 7, US importers had been stockpiling goods to mitigate risks from higher costs.
Exports in August to the United States, Thailand’s largest market, were still up 12.8% from a year earlier, but would slow in the last four months, said Mr Poonpong.
“Export growth could still exceed our full-year target of 2-3% after the 13.3% uptick recorded in the first eight months,” he said.
For the last four months of this year, monthly exports are expected to be worth between $24 billion and $24.5 billion.
Mr Poonpong said growth was seen in August in primary markets such as the US, China and Southeast Asia, and in secondary markets South Asia, Africa, Latin America and the UK.
Shipments to China rose 5.9%, ministry data showed.
In terms of product categories, agricultural and agro-industrial product exports fell by 10.7% to $4.25 billion in August.
Moreover, exports of agricultural products declined by 13.6%, the first drop in four months.
He attributed the decline to higher global supply and baht appreciation, which has made Thai agricultural products more expensive than those of competitors.
Rice exports fell 16.9% by volume from a year earlier.
Exports of industrial products rose by 11.2% to $22.7 billion in August.
Mr Poonpong said Thailand exported $1.11 billion worth of gold in August, up 144% year-on-year. Shipments worth $8.73 billion over the first eight months of this year represented growth of 87.7%. The key markets were Switzerland, followed by Cambodia, Laos, Singapore and Hong Kong.
“Thailand exported $198 million worth of gold to Cambodia in August, up 30.4%, and gold exports grew by 28.4% to $2.35 billion in the first eight months. Recognising gold as a safe-haven investment, Cambodians buy gold as a gift for special occasions,” Mr Poonpong said.
“Whether this is related to scammers should be a question directed to the agencies directly responsible for this matter.”
