Gold imports drove up Thailand's imports, with the growth rate far surpassing exports.

Even before the Middle East conflict began to disrupt global trade and push up costs, Thailand's imports had risen significantly, while export growth had slowed. Data released by the Thai Ministry of Commerce on Tuesday showed that imports in February increased by 31.8% year-on-year, higher than January's 29.4%; export growth, on the other hand, fell from 24.4% to 9.9%. Import growth exceeded the median estimate of Bloomberg economists, but export growth was even lower than the most pessimistic expectations. With imports exceeding exports for the fifth consecutive month, Thailand recorded a trade deficit of $2.8 billion. Natthaya Suchinda, Deputy Director of the Trade Policy and Strategy Office at the Thai Ministry of Commerce, said at a briefing on Tuesday that increased demand for machinery and other capital goods, coupled with a sharp increase in gold imports, have collectively driven the surge in import levels; while agricultural products have weighed down export performance.