Krungthai COMPASS raises Thailand's 2026 export forecast to 14.3% on tech cycle tailwinds
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Krungthai COMPASS research center has raised its forecast for Thailand's exports in 2026 to 14.3%, up from 9.5%, driven mainly by a strongly expanding technology cycle. Exports in August 2026 came in at 34,618.7 million dollars, growing 24.3% year-on-year, accelerating from 21.6% year-on-year the previous month but below analysts' expectations of 24.9%. Excluding gold, export value would have grown 20.6% year-on-year. Imports in August stood at 37,101.4 million dollars, growing 25.1% year-on-year, slowing from 36.7% year-on-year the previous month and below analysts' expectations of 31.4%. As a result, the trade balance in August recorded a deficit of 2,482.7 million dollars, marking an 11th consecutive month of deficit. The current account also remained in deficit for a fifth consecutive month, driven by high import values, with capital goods imports growing 34.7% year-on-year and imports of raw materials and intermediate goods for export production expanding 51.3% year-on-year. At the same time, exports to key markets expanded in nearly all destinations, especially the United States, which grew 48.7% year-on-year for a 35th consecutive month, while the Middle East contracted 7.8% year-on-year and South Asia contracted 11.4% year-on-year for a fourth consecutive month.