Thailand's export growth slowed in July but beat forecasts as shipments accelerated ahead of U.S. tariffs, but growth is set to slow over the rest of the year after those tariffs took effect, the commerce ministry said on Monday.

Customs-cleared exports rose 11% in July from a year earlier, the ministry said, beating a forecast 9.6% year-on-year increase in a Reuters poll, but down from a rise of 15.5% in June.

Cargo ships are loaded with containers as it is docked at the port of Bangkok, in Bangkok, Thailand, April 3, 2025. REUTERS/Athit Perawongmetha

In the first seven months of 2025, exports, a key driver of the economy, rose 14.4% from a year earlier. The ministry is maintaining its forecast for export growth of 2% to 3% for the year, although there is a chance that it will be higher thanks to the strong start.

Exports are expected to slow in the remaining five months of the year after importers made their purchases earlier to mitigate the impact of U.S. tariffs, Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, told a press conference.

"Achieving double-digit export growth for the year is unlikely," he said.