Thailand also has a current account deficit, leaving it exposed to potential fund outflows as the U.S. Federal Reserve tapers its asset purchases.
(Read more: Thailand's investors spooked by 'forgiveness')
To be sure, with the turmoil weighing domestic demand and imports, the trade balance has improved, noted Hartmut Issel, head of wealth management research at UBS.
"If that continues, we shouldn't worry so much about the current account, but certainly we should worry about growth," he told CNBC.
"The real question I think that is on everybody's mind is whether the army will really step in," Issel said. While a military presence might put a stop to protests, it wouldn't ease the uncertainty in markets, he added.
"The military in charge is not a sustainable solution," he said. "The military will not govern for the next 20 years. So something has to follow after that and people will still not know what it is."
Others are also concerned about a possible intervention.
(Watch now: Opportunities in Thailand's political gridlock)
"It would give a temporary respite but I think there would be a second act, where the people from upcountry would respond to that and Thailand would then be placed into an even more dangerous situation," Leopard's Clayton said.
Amid the uncertainty, Thai markets will eventually offer a bargain hunting opportunity, just not yet, said Rahul Chadha, head of Asia-Pacific Investment at Mirae Asset, which has around $18.63 billion under management.
"At some point, probably 5-7 percent lower from now, you'll see investors doing bottom fishing," he said, advising buying on a two-year time frame.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1