Thai exports reached US$34.8bn in July 2026, up 21.6% year on year, the 25th straight month of growth. Electronics and electrical goods led, and exports to the US rose 45.3%. Rice grew 5.3% for the first time in 21 months, while farm-based goods overall fell 1.1%. Imports rose 36.7%, so the monthly trade deficit reached US$3.6bn. The agency flagged two risks: energy cost volatility from the Strait of Hormuz and possible US tariff measures on Thailand, which may be more targeted by country and product. For SMEs, the export boom is concentrated in electronics supply chains, so suppliers outside that chain should not expect the same lift. Keep energy and input-cost budgets under review.