Thailand unexpectedly emerges as a winner in the AI trend: Exports aiming for a new high this year with the SET index rising by 23% leading Southeast Asia.

Due to the global artificial intelligence (AI) investment frenzy boosting demand for electronic products manufactured in Thailand, Thailand is expected to reach a record export value of $366.8 billion this year. At the same time, Thailand's benchmark SET index has risen nearly 23% year-to-date, leading the Southeast Asian stock markets. Nantapong Chiralerspong, Director General of the Office of Trade Policy and Strategy of Thailand, said on Tuesday that Thailand's exports are expected to grow by 8% compared to 2025. Currently, electronic products account for nearly one-third of Thailand's total exports, and with technology companies increasing their investments in AI infrastructure globally, electronic products are expected to be the main driver of Thailand's export growth. Thailand has long been a manufacturing base for electronic products, and the rise of AI has created new sources of demand for its exports. This has also fueled the rise of Thai technology stocks, helping the benchmark stock index in Thailand to become the best-performing index in Southeast Asia this year. Although the export growth rate slowed to 10.6% in May, down from 23.1% in April, the outlook remains optimistic. Thai officials attribute the slowdown in growth to decreased shipments from Shenzhen Agricultural Power Group and a higher base in the same period last year. Import growth also slowed down, with a 35.1% increase in May compared to 45% in April. As a result, Thailand's trade deficit narrowed from a record $10 billion last month to $5.7 billion. It is worth noting that Thailand's benchmark SET index has seen a nearly 23% increase year-to-date, leading the Southeast Asian region and becoming an unexpected winner of the global AI frenzy. Delta Electronics Thailand is a key driver of the stock market rally in Thailand. The company is a subsidiary of Taiwan-based Delta Electronics. This AI data center power system manufacturer has seen its stock price surge by over 80% this year, becoming the first Thai company to surpass a market value of $100 billion, surpassing the combined market value of the next four largest stocks in Thailand. Delta Electronics Thailand is also the second largest Southeast Asian company by market value in the MSCI ASEAN Index, behind only DBS Group. Despite Thailand lacking semiconductor giants, investors are increasingly recognizing the country's important role in providing AI infrastructure. Industry research strategist Sufianti stated in a report, "Thailand is not a pure AI market, but its positioning in data centers, electronic products, power systems, and digital infrastructure offers investors a new perspective, allowing them to move beyond traditional tourism, banking, and consumption cycles, and reassess the Thai stock market."