Thailand’s April trade deficit surged to a record USD10.0bn, pressuring the Baht despite portfolio inflows and AI-driven export growth.
The Thai Baht weakened to 32.55 against the US Dollar in April, driven by a record trade deficit of USD10.0bn, nearly double the USD5.3bn consensus forecast. The deficit marks the seventh consecutive monthly shortfall and the largest on record, surpassing March’s USD3.3bn gap.
Authorities attributed the widening deficit to persistent strong imports, despite a 3% government forecast for export growth this year. The Baht has declined 3.2% year-to-date, further pressured by higher global oil prices and robust USD demand.
Officials warned the currency may remain under pressure if import trends continue, though AI-related export growth has provided some support.