Thailand's export growth slows as U.S. tariffs bite
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FILE PHOTO: A view of a port under the Port Authority of Thailand in Bangkok, Thailand July 8, 2025. REUTERS/Athit Perawongmetha/ File Photo
BANGKOK (Reuters) -Thailand's exports grew at their slowest pace in nearly a year due to a stronger baht and the impact of tariffs from the United States, the commerce ministry said on Wednesday, but it said it could still exceed its full-year target.
Customs-cleared exports rose 5.8% in August from a year earlier, the ministry said, falling short of analysts' expectations.
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.
In August, exports to the United States, Thailand's largest market, jumped 12.8% from a year earlier, but would slow in the last four months, he said.
The U.S. set a 19% tariff on imported goods from Thailand, lower than the 36% rate announced earlier and in line with other countries in the region.
Shipments to China rose 5.9%, ministry data showed.
In the first eight months of 2025, exports, a key driver of the economy, rose 13.3% from a year earlier.
The ministry is maintaining its forecast for export growth of 2% to 3% for the year, although there is a chance that it will be higher thanks to the strong start.
In August, imports rose 15.8% from a year earlier, higher than a forecast rise of 9.2%.
That led to a trade deficit of $1.96 billion in August, lower than the expected $0.7 billion surplus.
Rice volume exports fell 16.9% annually.
(Reporting by Orathai Sriring, Kitiphong Thaichareon and Thanadech Staporncharnchai, Writing by Chayut Setboonsarng; Editing by John Mair and David Stanway)
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