Thailand's July 2026 exports surged 21.6% YoY to $34.8 billion, with electronics driving 67.8% growth and US-bound shipments up 45.3%, partly due to front-loading ahead of potential tariffs. However, imports grew faster at 36.7%, widening the trade deficit to -$3.6 billion. SCB EIC raised its 2026 export forecast to 16% YoY but warned of mounting risks: Thailand faces a Tier-2 classification in a US trafficking report, opening the door to stricter origin inspections on goods and potential compliance penalties.