BANGKOK (Reuters) – Thailand’s export growth in March reached the highest level in three years and shipments should continue to grow in the current quarter, although steep U.S. tariffs remain a concern, the commerce ministry said on Thursday.
Exports, a key driver of Southeast Asia’s second-largest economy, climbed 17.8% in March from a year earlier, above a forecast rise of 13.5% in a Reuters poll and beating February’s 14.0% rise.
In the January-March period, exports rose 15.2% year-on-year, and should continue to increase in the current second quarter, said Commerce Minister Pichai Naripthaphan, adding they could beat a ministry forecast for the year.
“The original target of 2-3% growth is expected to be met, with hopes for even higher figures if trade negotiations with the United States are successful,” he told a press briefing.
Exports increased 5.4% last year.
Thai exports in 2025 face a challenge from U.S. tariffs and retaliatory tariffs from other countries, the ministry said.
Thailand is among Southeast Asian nations hardest hit by U.S. President Donald Trump’s measures, facing a 36% tariff if a reduction can’t be negotiated before a global moratorium expires in July.
The country’s negotiations with Washington on the tariff were postponed from this week because the United States has asked Bangkok to review important issues.
Pichai said there were positive signals regarding future trade talks with the United States, emphasising the importance of thorough preparation before negotiations.
“We will look at all sides. We don’t have to rush that much because there is still time,” he said.
“When we are ready, we will meet with them”.
The United States was Thailand’s largest export market last year, accounting for 18.3% of total shipments, or $54.96 billion. Washington has put its deficit with Thailand at $45.6 billion.
Thai exports last month were helped by accelerated imports by countries wanting to avoid tariffs, said Poonpong Naiyanapakorn, head Trade Policy and Strategy Office.
In March, exports to the United States, Thailand’s biggest market, jumped 34.3% from a year earlier, while shipments to China increased 22.4%.
Imports rose 10.2% in March from a year earlier, up from a forecast rise of 6.1%.
The country recorded a trade surplus of $0.97 billion last month versus a forecast surplus of $1.1 billion.
(Reporting by Orathai Sriring, Kitiphong Thaichareon and Thanadech Staporncharnchai; Writing by Chayut Setboonsarng; Editing by Martin Petty and Raju Gopalakrishnan)
