Thai economy improves in November on stronger exports, investment

Thailand's economy in November expanded compared to the previous month, supported by higher exports and investment, but consumption fell over the period, the central bank said on Tuesday.

Though overall domestic demand improved, helped by public and private investment, private consumption declined with lower fuel and electricity usage offsetting an increase in spending on consumer goods and services, the Bank of Thailand said in a statement.

Consumption should improve in December due to festive year-end spending, Assistant Governor Chayawadee Chai-anant told a briefing.

The central bank expects Southeast Asia's second-largest economy to grow 2.2% this year and 1.5% in 2026. Economic growth was 2.5% last year.

The economy, which has lagged regional peers since the pandemic, has struggled with multiple headwinds in 2025, including U.S. tariffs, high household debt, a border conflict with Cambodia and political uncertainty ahead of elections in early February.

The baht has also strengthened beyond economic fundamentals and the central bank has measures to try to manage the currency, said the assistant governor.

The baht has gained about 9% against the dollar so far this year, making it Asia's second-best performing currency, posing a threat to the competitiveness of Thailand's export and tourism sectors.

Exports, a key driver of the economy, rose 5.5% in November from a year earlier, while imports soared 17.3%, the central bank said, leading to a trade deficit of $0.2 billion, the central bank said.

Thailand recorded a current account deficit of $0.6 billion in November.