Thailand’s Customs Department is reviewing import duties on gold, after the value of imports surged to more than 900 billion baht in the first 11 months of fiscal 2026, raising concerns about the country’s trade deficit and capital outflows, Customs Department director general Phantong Loykulnanta said on Thursday.
The department is studying the suitability of imposing an import duty on gold and will submit its findings to Finance Minister Ekniti Nitithanprapas for consideration. The study will also look at measures adopted by other countries in the region, including Malaysia and India, which have recently imposed a 10% import duty on gold.
Thailand imported gold worth 901.1 billion baht during the first 11 months of fiscal 2026, a 53% increase over the same period a year earlier. Gold accounted for more than 8% of total imports and ranked third among Thailand’s largest import categories by value.
Phantong said the large volume of gold imports could contribute to capital outflows and affect the country’s trade balance, while the department is also concerned that such imports may not generate significant economic value or employment domestically.
The Customs Department has reported the figures to the Finance Ministry and the Bank of Thailand as part of efforts to monitor potentially suspicious transactions.
Meanwhile, Thailand is facing scrutiny from the United States over concerns that the country could be used as a transit point for goods that are falsely declared as products of Thai-origin for export to the US.
Phantong said the US has raised questions about the relatively low level of Thailand’s manufacturing output compared with the value of goods exported to the US, raising concerns about possible transshipment or origin fraud.
The Customs Department is therefore compiling import and export data to review the basis for calculating Thailand’s Manufacturing Production Index (MPI), so that it better reflects actual production levels. Details of the revised approach are expected to be announced next week.
The department is also tightening action against companies suspected of falsely declaring the origin of goods. In addition to confiscating goods, offenders could face fines of up to 500,000 baht per case on conviction.
Customs is working with the Department of Foreign Trade to increase scrutiny of high-risk companies, particularly those with low registered capital, that import and export goods under the same tariff classification but with values that appear inconsistent.
Phantong said such companies are considered potentially suspect for falsely declaring the country of origin of their products.
The department is also monitoring attempts by scam networks operating along Thailand’s borders to relocate their operations. Authorities continue to detect smuggling of signal-transmitting equipment, cash and used mobile phones and are working with police to investigate and pursue those involved.
