Thailand's jewelry exports in February dropped nearly 30%, while gold exports saw an 18% increase against the trend.

(1) According to Thailand's The Nation, in February 2026, Thailand’s export value of gemstones and jewelry excluding gold was USD 1.62404 billion, a year-on-year decrease of 29.32%, reversing the growth trend from January; including gold, total exports amounted to USD 2.72777 billion, down 15.59%. (2) In the first two months of 2026, the export value excluding gold was USD 3.43216 billion, a decrease of 14.88%; while total export revenue including gold increased by 18.92% to USD 7.29397 billion. Gold remained the outstanding category, with single-month exports of USD 1.10374 billion in February, a rise of 18.22%, marking the seventh consecutive month of growth. (3) Factors driving gold export growth include rising international gold prices, heightened geopolitical tensions among the US, Israel, and Iran, new US tariffs imposed under Section 122, and continuous buying by the SPDR Gold Trust. Gold exports in the first two months reached USD 3.86181 billion, up 83.76%.