Thailand's Q2 current account deficit hit a record 17.7 billion USD, driven by three structural factors: (1) temporary energy price spikes from Middle East tensions, (2) heavy reliance on imported components for electronics export (import-to-export model), and (3) surging capital goods imports for data center infrastructure investments. While exports grew 18%, imports jumped 38%. Services income from tourism—historically Thailand's offset—remains weak post-COVID. Economists debate whether this signals temporary headwinds or deeper structural vulnerability in Thailand's economy.