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Thailand's trade deficit widened to USD 3.44 billion in October 2025, up from a USD 0.79 billion gap in the same month last year and well above expectations of a USD 0.65 billion deficit. It marked the largest trade gap since January 2023, as exports grew much less than imports. Exports rose 5.7% yoy, easing sharply from a 19% surge in September, marking the softest pace since September 2024 and well below market forecasts of a 6.1% gain, as the boost from manufacturers’ front-loading of orders faded following greater clarity on US tariffs. The US currently applies a 19% tariff on imports from Thailand, down from the previously announced 36% rate. Imports rose 16.3% year-on-year, following a 17.2% increase in September, exceeding expectations of a 7.5% rise, supported by the government's stimulus measures to boost domestic demand. For the first ten months of 2025, Thailand recorded a trade gap of USD 3.87 billion, with exports and imports advancing 13.0% and 12.4%, respectively.