July 2026 exports reached US$34.8bn, up 21.6%, led by electronics (+67.8%) and shipments to the US (+45.3%). Imports rose 36.7%, with raw materials and capital goods (including data-centre equipment) leading. The trade deficit narrowed to -US$3.6bn, better than forecast. SCB EIC raised its 2026 export forecast to 16% and import forecast to 28%, so the deficit is expected to widen. Part of the US export surge may be front-loading ahead of possible Section 301 tariffs. Non-electronics exporters should plan for tariff and inspection risk. Demand is strongest in electronics and related supply chains.