Thailand posted its 10th consecutive monthly trade deficit in July 2026, with imports at $38.4B against exports of $34.8B, resulting in a $3.6B deficit. Exports grew 21.6% year-on-year while imports jumped 36.7%, driven primarily by electronics and AI-related supply chains. The Commerce Ministry frames elevated imports as necessary for co-production and export-led growth, projecting full-year export growth of 11%+. Key risks include geopolitical uncertainty in the Strait of Hormuz and pending U.S. tariff measures on Thai goods.