Asia Plus says new US tariff measures to pressure Thai exports in second half

MacroIndustry
โดย Thunhoon·Read original
Summary · why it matters

Asia Plus Securities' research unit says new US tariff measures under Section 301, one of the risks to Thai exports in the second half of the year, will slow exports because Thailand faces a 12.5% levy, higher than some ASEAN peers like the Philippines and Malaysia, potentially reducing competitiveness. Thailand also runs a growing surplus with the US, and markets must watch for surplus-production tariffs the US has yet to announce, which will pressure the Thai economy's export sector. Product groups hit by the 12.5% tariff include pet food, processed food, and beverages, covering stocks such as AAI, ITC, PLUS, TU, and COCOCO, as well as electronics, including HANA, DELTA, KCE, and CCET. Major Thai goods exempted from the 12.5% tariff are oil, gas, and fertiliser, which the US imports heavily, easing pressure on refinery and oil stocks like PTT, PTTEP, TOP, IRPC, and BCP, and goods already under Section 232, such as automobiles, steel, aluminium, and copper, which eases pressure on processed steel and steel pipe stocks like PAP, TMT, and SAM, and auto parts stocks like AH and SAT. The Commerce Ministry reported that Thai exports in June 2026 grew 20.8% year-on-year, above the market forecast of 15.2%, while imports rose 50.3%, above the 35.8% forecast, resulting in a trade deficit of 6.565 billion US dollars. Standout products included pet food, up 22.3%, expanding for a tenth straight month; rubber, up 12.5%, returning to growth for the first time in 14 months; and processed chicken, up 6.1%, expanding for a seventh consecutive month.

Impact on stocks 18

Consumer Staples▼ · 5 stocks
i-Tail Corp. PCL
ITC
▼ NegativeTariffrelevance

ITC is in pet food, hit by 12.5% US tariff under Section 301.

Thai Union Group PCL
TU
▼ NegativeTariffrelevance

Thai Union (TU) is in the pet food and processed food group hit by the 12.5% tariff.

Royal Plus PCL
PLUS
▼ NegativeTariffrelevance

Pet food, processed food, and beverages are hit by 12.5% US tariff, and Royal Plus PCL is in food/beverage sector, but not explicitly named.

Energy Transition & Power Demand▲ · 3 stocks
PTT Public Company Limited
PTT
▲ PositiveTariffrelevance

Major Thai goods exempted from 12.5% tariff include oil, gas, and fertiliser, easing pressure on refinery and oil stocks like PTT.

Semiconductors▼ · 2 stocks
Energy▲ · 2 stocks
Materials▲ · 2 stocks
Consumer Discretionary± Mixed · 2 stocks
Electrification & Mobility▼ · 1 stocks
Robotics & Physical AI▼ · 1 stocks

Off-coverage companies 1

Samchai Steel Industry Public Company LimitedPrivate▲ Positive
Tariffrelevance

Samchai Steel (SAM) is in the steel group already under Section 232, exempted from the new tariff.

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