Thailand's consumer confidence fell for the first time in five months over uncertainty from US trade policies, higher living costs and the slow recovery of the domestic economy, a survey showed on Thursday.
The consumer index of the University of the Thai Chamber of Commerce fell to 57.8 in February from 59.0 in January, the university said in a statement, having risen for four straight months.
"This is a worrying signal ... the (economy) is quiet, despite government measures," university president Thanavath Phonvichai said, adding uncertainty over global trade weighed on confidence.
Southeast Asia's second-largest economy has rolled out a series of measures to support its economy, including the third phase of a "digital wallet" handout programme, aimed at 2.7 million people aged between 16 to 20, and tax deductions for capital market investments in a bid to lift growth above 3.0%.
Thailand could be targeted for tariffs because of its large trade surplus with the United States, he said.
Thailand's surplus last year amounted to $35.4 billion last year - the 11th largest bilateral trade surplus with Washington.
The United States was Thailand's largest export market in 2024, according to the Thai commerce ministry, accounting for 18.3% of total shipments, or $54.96 billion. Mr Thanavath also suggested Thailand's recent deportation of 40 Uyghur Muslims to China, which drew a stiff rebuke from US Secretary of State Marco Rubio, was also a factor that could affect US tariffs. China denies allegations of abuse of the Uyghurs and Thailand has said it has been assured the group would be looked after.
Thailand's economy expanded 2.5% last year, less than expected, and lagging regional peers. The central bank last month cut the key interest rate by 25 basis points to 2.00%, a move it said was a response to a weaker growth outlook and increased risks posed by global trade policy uncertainty.
The central bank also projects growth to be slightly higher than 2.5% this year, down from 2.9% seen in December.