Customs revenue hit by strong baht in first month of fiscal year 2026
The Ministry of Finance reported a THB1.25 billion revenue shortfall for the Customs Department in the first month of fiscal year 2026, due to a stronger baht.
- In October 2025, the first month of fiscal year 2026, the Customs Department's revenue collection fell 12.0% short of its target.
- The primary reason for this shortfall was the strengthening of the Thai baht, which reduced the value of imported goods in the local currency.
- A secondary factor contributing to the lower revenue was an increased use of duty exemptions by importers under Free Zones.
According to a report from the Ministry of Finance, the government’s net revenue collection for October 2025, the first month of fiscal year 2026, amounted to THB235.73 billion.
This figure is THB27.39 billion higher than the same period last year, reflecting a growth rate of 13.1% and is close to the projected target.
While overall revenue collections showed an increase, it was noted that the Customs Department fell short of its revenue target by 12.0%, collecting only THB9.24 billion.
The Ministry attributed this shortfall primarily to the strengthening of the Thai baht, which reduced the value of imported goods in baht terms.
Additionally, the value of import duties was lower than expected due to an increase in the use of duty exemptions under Free Zones by importers.
Meanwhile, other agencies exceeded their revenue targets:
- State Enterprises contributed THB53.13 billion, a 27.1% increase from last year and 9.0% above target, due to carryover income from previous years from certain state enterprises.
- The Excise Department collected THB42.55 billion, a 19.1% increase from last year, surpassing the target by 4.0%, mainly driven by alcohol and fuel taxes.
- The Revenue Department collected THB149.88 billion, growing 2.0% from last year, slightly exceeding the target by 0.4%, with a key contributor being VAT collection from domestic sales.
- Other Agencies saw special income from excess funds generated through the sale of government bonds to offset the budget deficit.
Summary of revenue collections for October 2026 by department:
- The Revenue Department: THB149.88 billion, up by THB2.92 billion or 2.0%, exceeding the target by THB532 million or 0.4%.
- The Excise Department: THB42.55 billion, up by THB6.8 billion or 19.1%, exceeding the target by THB1.63 billion or 4.0%.
- The Customs Department: THB9.24 billion, down by THB730 million or 7.3%, falling short of the target by THB1.25 billion or 12%.
