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Thailand unexpectedly recorded a trade surplus of USD 0.32 billion in July 2025, swinging from a USD 1.37 billion deficit in the same month last year and beating expectations of a USD 0.50 billion shortfall, as exports outpaced imports. Exports grew 11.0% year-on-year, marking the slowest pace in three months. Although easing from a 15.5% gain in June, the growth still surpassed the forecasted 9.6% rise, driven largely by front-loaded shipments ahead of a potential 36% U.S. tariff originally set to take effect on August 1. However, Thailand and the US reached a new trade agreement in late July, resulting in a reduced tariff of 19% on Thai imports. Notably, shipments to the US surged 31.4%. Imports increased 5.1% year-on-year, down from a 13.1% rise in June, but slightly above expectations of a 4.9% increase. For the first seven months of 2025, Thailand posted a trade surplus of USD 259.9 million, with exports and imports rising 14.4% and 10.6%, respectively.