Strong baht squeezes rice exports as prices jump

Excluding oil-related products, gold and military supplies, exports rose 11.8%. Imports totalled US$30.172 billion, up 17.6%, resulting in a trade deficit of US$2.726 billion.

Nantapong Chiralerspong, director of the TPSO, said exports were mainly supported by electronics shipments, driven by the upcycle in computers and growth in modern technologies, including AI, keeping industrial exports at a high growth rate.

He said geopolitical issues continue to create uncertainty for trade ahead, with signs of slowdown in major markets such as China, Japan and CLMV. Meanwhile, Thai agricultural exports have contracted due to natural disasters and intense competition in global markets.

For the first 11 months of 2025, exports expanded 12.6%. Excluding oil-related products, gold and military supplies, they rose 13.7%. Imports were valued at US$315.662 billion, up 12.4%, resulting in a trade deficit of US$4.956 billion.

Exports in November 2025, up 7.1%, were driven by industrial goods, which expanded 12.2% for a 20th consecutive month. Key products that grew included computers, equipment and parts; gems and jewellery (excluding gold); telephones and parts; circuit boards; electrical transformers and parts; and switchboards and control panels.

Key products that contracted included automobiles and parts, chemicals and plastic pellets. For the first 11 months of 2025, industrial exports expanded 17.1%.

Export markets

Major markets rose 7.4%, with growth in the United States (37.9%), the European Union (27 countries) (12%) and ASEAN (five countries) (5.7%), but declines in China (7.8%), Japan (8.9%) and CLMV (18%).

Secondary markets rose 7.6%, with growth in South Asia (52.5%), Australia (2.7%) and the United Kingdom (6.5%), but declines in the Middle East (3.6%), Africa (1.9%), Latin America (1%) and Russia/CIS (24.9%). Other markets fell 30.1%.

Thailand–US trade in November 2025 saw exports of US$6.468 billion and imports of US$1.752 billion, leaving a trade surplus with the United States of US$4.716 billion. Over 11 months, Thailand’s trade surplus with the United States totalled US$46.256 billion.

Thailand–China trade in November 2025 saw exports of US$2.781 billion and imports of US$9.447 billion, resulting in a trade deficit of US$6.666 billion. Over 11 months, Thailand’s deficit with China totalled US$60.646 billion.

Farm exports down 15.7% in November

Agricultural and agro-industrial products fell 9.5%. Agricultural products dropped 15.7%, contracting for a fourth consecutive month, while agro-industrial products declined 2.3%, returning to contraction after three months.

Products that expanded included canned and processed fruit, fats and oils from plants and animals, and fresh/chilled/frozen shrimp. Products that contracted included rice, rubber, canned and processed seafood, fresh/chilled/frozen/dried fruit, cassava products, beverages and sugar. For the first 11 months of 2025, agricultural and agro-industrial exports fell 0.7%.