Bangkok: The Treasury Department reported that the Thai economy continued its growth trajectory in March 2015, driven primarily by an increase in merchandise exports, despite challenges in tourism and consumer spending due to the ongoing China-US trade war and a robust reserve of 245.3 billion US dollars.
According to Thai News Agency, Mr. Pornchai Thiravet, Director of the Fiscal Policy Office, stated that the fiscal economic condition in March was bolstered by sustained growth in merchandise exports for the ninth consecutive month. However, he acknowledged a slowdown in the foreign tourism sector and durable goods consumption. He emphasized the importance of monitoring economic policies from key trading partners, particularly the United States and China, which could impact Thailand’s economy.
The Consumer Confidence Index for March 2025 showed a decline to 56.7 from 57.8 in February, attributed to a slow economic recovery, high living costs, and escalating trade war tensions. New passenger car registrations in March decreased by 3.1 percent year-on-year and 3.6 percent from the previous month after seasonal adjustments.
Private investment indicators remained stable compared to the previous year, with notable growth in machinery and equipment investment, as indicated by an 11.2 percent year-on-year increase in capital goods imports in March 2025, and a 13.6 percent increase from February after seasonal adjustments. However, new commercial vehicle registrations fell by 12.1 percent year-on-year and 5.1 percent from the previous month after adjustments. In construction, domestic cement sales rose by 11.8 percent year-on-year but decreased by 0.5 percent from the previous month.
The value of merchandise exports in US dollar terms reached 29,548.3 million in March 2025, marking a 17.8 percent year-on-year increase for the ninth consecutive month. Excluding oil, gold, and weapons, exports grew by 15.0 percent, driven by products like computers, equipment, gems, and jewelry.
Domestic tourism indicators improved, with 2.72 million foreign tourists visiting Thailand in March 2015, a decline of 8.8 percent year-on-year, while domestic tourism rose by 2.2 percent, with 22.5 million people traveling within the country. Economic stability remained strong, reflected by a general inflation rate of 0.84 percent and a core inflation rate of 0.86 percent in March 2015.
The public debt ratio stood at 64.2 percent of GDP at the end of February 2025, remaining within fiscal discipline limits, despite global economic volatility. International reserves were recorded at a high level of 245.3 billion US dollars by the end of March 2025.