The Japanese economy is the fourth largest in the world and ranks as the No. How China is replacing US as Thailand's main defence partner and arms supplier . Thailand's food processing industry has developed rapidly and is one of the most developed in Southeast Asia. Singapore and Japan are the main resources of foreign direct investments mainly focusing on the finance, petroleum and estate sectors (Yale Global Online 2004). Major export destinations ranked by volume are China (29%), Indonesia (10%), Japan (10%), and Vietnam (9%). Thailand, accounting for 5.3% of its total import origins and $10.6 billion in costs The United States , accounting for 10% of its total import origins and $20.5 billion in costs Australia also imports from Germany, Malaysia, Singapore, and New Zealand , accounting for 4.6%, 4%, 3.2%, and 2.8%, respectively, of its total import origins. The country mainly exports manufactured goods (86 percent of total shipments) with electronics (14 percent, vehicles (13 percent), machinery and equipment (7.5 percent) and foodstuffs (7.5 percent) being the most important. Exports, the main engine of the Thai economy, went into overdrive in June, accelerating by 43.8 percent for the highest monthly increase in 11 years and providing a bright light during pandemic-induced challenging times. Top Thailand Exports to the World. After experiencing an economic boom in the late 80's and 1990's, and sustained growth ever since, Thailand has transformed into a high . Although high-yield varieties of rice were adopted in the 1960s, rice yields are much lower than in East Asia, owing primarily to less-efficient labour inputs. In 2020, Thailand was the 14th-largest destination for U.S. agricultural exports, totaling $1.8 billion. Thailand's 5 biggest export products by value in 2021 were computers, cars, automotive parts or accessories, electronic integrated circuits or microassemblies, and trucks. Thai exports up 15 per cent so far this year. BANGKOK -- Thailand is mired in triple trouble gravely affecting its rice exports: decreased production because of droughts, exports at 23-year lows due to the high baht, and higher shipping charges. The first table below shows top trading partners of Thailand in terms of export sales (selling), including Japan, United States, and China. Thailand - Industry. Top Prospects for U.S. Thailand's fresh fruit exports to the 18 countries it has free trade agreements with grew 107 per cent in the first two months of 2021, compared to the same period last year, according to Thailand's National News Bureau.. The automotive industry is developed in the country, making it an exporter of cars and car parts. Currently, the main route is via Laos and Vietnam, which share border . Thailand shipped US$245.3 billion worth of goods around the globe in 2019, up by 16.4% since 2015 and down by -1.8% from 2018 to 2019. Thailand is one of the most important destinations of European investments within ASEAN with €19.8 billion of outward stocks. Sales of commodity group 0805 from Thailand went up by 59% compared to 2019: exports of commodity group 0805 "Citrus fruit, fresh or dried." went up by $ 12 million (cumulative exports of commodity group 0805 from Thailand amounted $20 million in 2019) Singapore and Japan are the main resources of foreign direct investments mainly focusing on the finance, petroleum and estate sectors (Yale Global Online 2004). Taken individually, trucks comprise 4.7% of total exports, cars make up 3.7%, and automotive parts make up 2.7% of the total exports leaving Thailand. Among Thailand's top import sources, Japan and Iran sent the largest shares of their total steel exports to Thailand in 2017. The United States imports 11.2% of Thailand's exports followed by China, Hong Kong, Japan, Malaysia, Vietnam, and Australia. Thailand is recognized as one of the world's most competitive destinations for high-quality and affordable care. The main commercial rice-producing areas of Thailand are the Chao . Overview In December 2021 Russia exported $56.8B and imported $29.4B, resulting in a positive trade balance of $27.4B.Between December 2020 and December 2021 the exports of Russia have increased by $20.7B (57.3%) from $36.1B to $56.8B, while imports increased by $5.19B (21.4%) from $24.2B to $29.4B. Thailand exports over US$105 billion worth of goods and services annually. Thailand - Exports Exports shrink in February. Thailand was also the source of 24.1% of exports of TSR (2 nd world ranking) and 6.7% of exports of compound rubber (5 th world ranking). Main export commodities are vehicles, including parts and accessories (7.2% of total exports), jewellery (3.1%), crude oil (2.8%) and rubber products (2.4%). Thailand was also the source of 24.1% of exports of TSR (2 nd world ranking) and 6.7% of exports of compound rubber (5 th world ranking). The electronics manufacturing industry in Thailand produces the largest percentage of exported goods, and accounts for 15% of total exports leaving the country. The country's GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs. The United States was Thailand's third-largest supplier of agricultural goods with 13 percent market share, behind Brazil with 15 percent and China with 13 percent. Rice is not only the main staple crop of the country but also the primary agricultural export. Thai agricultural exports rose 20 per cent in the first six months of 2021, driven by soaring sales of fresh fruit, the Commerce Ministry revealed on Wednesday. Like many countries, Thailand's economy was hit hard by the COVID-19 pandemic last year. Meanwhile, the Thailand economy has enjoyed great growth due to its large scale of import. Thai exports dropped 4.5% year-on-year in February, swinging from January's 3.3% increase, likely influenced by the Covid-19 pandemic depressing globe trade and economic activity. Thailand is also ASEAN's primary producer and exporter of dairy products; the nation produces around one million tonnes of milk per year. Major food exports include rice, canned tuna, sugar, chicken meat, cassava products, shrimp, and canned pineapple. Please check the Data Availability for coverage. Thailand's GDP growth is expected to grow by 3.0% in 2022 and 4.5% in 2023 - ADO 2022. Other major Thai agricultural products and exports. Thailand's exports to America amounted to. Thailand has for decades been one of the world's largest rice exporters. Overall commodity exports from Thailand decreased by 0.978% compared to 2019. In 2021, the value of processed food exports amounted to approximately 600 billion Thai . Thailand's exports include electronics, agricultural commodities, automobiles and parts, and processed foods. Thai exports dropped 4.5% year-on-year in February, swinging from January's 3.3% increase, likely influenced by the Covid-19 pandemic depressing globe trade and economic activity. The main commercial rice-producing areas of Thailand are the Chao . Figure 1. Another factor is Thailand's aging population: by 2021, 20% of the Thai population will be 60 years of age or older. Major exports include cars, computers, electrical appliances, rice, textiles and footwear, fishery products, rubber, and jewellery. Top Thailand Exports to the World. U.S. goods and services trade with Thailand totaled an estimated $52.3 billion in 2020. Thailand is also a major exporter of farmed shrimp. Thailand exports numerous goods, including textiles, footwear, foodstuffs (primarily fish, seafood, and rice), jewelry, computers, and computer parts and petroleum. In 2018 alone, the US exported US . Exports were $13.7 billion; imports were $38.6 billion. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Meanwhile, the Thailand economy has enjoyed great growth due to its large scale of import. China could become Thailand's main competitor for rice export in the future, according to the Thai Rice Exporters Association. Thailand is not a signatory to the WTO Agreement on Government Procurement. As such, high tariffs in certain sectors remain an impediment to market access. However, most of the public debt is long term (85.7%) and domestically sourced (98.2%). Commodity Exports Refined petroleum - $7.84 billion Rice - $5.77 billion Rubber - $4.63 billion Gold - $4.41 billion Diamonds - $1.52 billion Thailand, the second-largest economy in ASEAN after Indonesia, is an upper-middle-income country with an open economy. The value of merchandise exports from Thailand totalled $ 231 billion in 2020. PLASTIC (Export value in 2019: 9.4 billion USD) The emphasis in the Thai Plastic industry is in value-added and environment-friendly products. That is, most products are imported from these countries to Thailand. Director-General of the Department of Trade Negotiations, Oramon Sapthaweetham, said the total trade was valued at US$461m, accounting for 94.94 per cent of the country . The value of exports of commodity group 0805 "Citrus fruit, fresh or dried." from Thailand totalled $ 32 million in 2020. 4 exporter. Thailand's exports to America amounted to. The association's honorary president, Chookiat Ophaswongse, said that the association was closely watching China's rice exports, which had expanded in terms of volume over the past few years. This was despite decisive action on the government's part to implement a package of fiscal, monetary . Overview of business in Thailand. The IMF estimates Thailand's GDP at $538.7 billion (April 2021), making it the largest economy in Mainland Southeast Asia, second largest in ASEAN, and larger than some members of the G20. Export value of food products Thailand 2021, by category. Map of Thailand. Here is a breakdown of the most important products exported by Thailand, both commodities and other notable exports. The U.S. goods and services trade deficit with Thailand was $25.0 billion in 2020. The country's economy is built on very well developed free market trade and is the 53rd largest economy worldwide. Fresh fruit exports were up by 42.21 per cent from the same period last year, earning $2.89 billion or THB88.9 billion. The country's industry and agriculture sectors were traditionally intertwined. Top 10 Thai Exports to the US. The Thai freight and logistics market is projected to register a CAGR of 6% during the forecast period, 2022-2027. Thailand is an export oriented economy with exports accounting for around 65 percent of the GDP. Thailand - Exports Exports shrink in February. Economy of Thailand Major Industries: tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry and electric appliances, computers and parts, integrated circuits, furniture, plastics, automobiles and automotive parts; world's second-largest tungsten producer and third-largest tin . That year the country's top 10 exports accounted for 79.6 percent of the entire global shipment value, with goods shipped estimated at $715.2 billion. The most recent exports are led by Office Machine Parts ($17.2B), Gold ($14.3B), Integrated Circuits ($9.17B), Cars ($8.28B), and Vehicle Parts ($6.54B). Two-way trade of goods in 2020 was $48.8 billion, with $37.6 billion in Thai exports to the United States and $11.2 billion in U.S. exports to Thailand. The Thai economy is well integrated into the global marketplace, with exports accounting for over 70 percent of the Kingdom's GDP. Among Thailand's top import sources, Japan and Iran sent the largest shares of their total steel exports to Thailand in 2017. The chief imports are capital and consumer goods, raw materials, and fuels. Nontariff barriers such as licensing requirements and localization barriers impede . The agricultural sector . The industry and service sectors produce about 90% of GDP. This represents a 3-percent decrease from 2019. Current trends, policies, and challenges The Thai petrochemical industry had expanded significantly with new mega-plant projects starting in the 1990s and continuing through 2008. Exports and imports of products by stages of processing in 2019 are below along with their corresponding Product Share as percent of total export or import. Map of Thailand. The main exports are textiles and footwear, fishing products, rice, rubber, computers and electronics, automobiles, electrical appliances, and jewelry. Thailand to benefit from Exports to China In this regard, Thailand's exports to China in 2020, China remained the second-largest export destination for Thailand, after the United States. These exports included rice, garments and textiles, computers, integrated circuits, footwear, automobiles, refined petroleum, rubber, and fishery products. Thailand's exports were valued at $214.37 billion in 2015. In January 2021, Thai rice exports totaled 0.4 million metric tons, down 23 percent from the The value of exports to Japan increased by 9.55% to 24.98 billion U.S. THAILAND HOPES TO EXPORT DURIANS VIA CHINA-LAOS RAILWAY. Thailand is returning to its economic roots as a food producer, with overseas demand for rice, seafood, fruit and other edibles bolstering exports even as the Covid-19 pandemic dents production . Thailand Raw materials imports are worth US$ 32,029 million, product share of 14.77%. During the last five reported years the exports of Thailand have changed by $17.7B from $225B in 2015 to $243B in 2020. The EU is the second-largest investor in Thailand after Japan. Thailand Year 2019 For at a glance i.e. Machinery is also an important manufactured export, along with chemicals and chemical products, telecommunications equipment, road vehicles, and clothing and accessories. Thailand is the 25th largest export destination for the United States. PLASTIC (Export value in 2019: 9.4 billion USD) The emphasis in the Thai Plastic industry is in value-added and environment-friendly products. Healthcare costs in Thailand are around only one-fifth of those in the United States and Europe. latest available trade, tariff, trade barriers and other trade related data Click Here . The second lists top trade partners of Thailand regarding import total (buying). $31.4 billion or 12.8% of its overall exports. New Zealand has forged long lasting import/export relationships with several countries globally. With a free-market economy, the Kingdom has a strong domestic market and a growing middle class, with the private sector being the main engine of growth. Merchandise Trade statistics data for Thailand (THA) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. The National Food Institute reported that the value of Thai food exports was US$32.7 billion in 2020. Flat products accounted for the largest share of steel exports to Nevertheless, the U.S.A. remained the most important export market for Thailand during 2019, 2020, and 2021. It is also one of the top three palm oil producers across the globe . Thailand's exports in the first three quarters of 2021 jumped by 15.5 per cent from low base levels a year earlier, when fresh waves of Covid-19 disrupted the global economy, the Commerce Ministry said Tuesday. Thailand is one of the world's most important producers of rice, which forms the chief staple of its peoples' diet, as well as being a major export. Domestic car sales also continued to cruise, increasing by 15 percent year on year in June, following a 38 percent gain in May. Please note the exports, imports and tariff data are based on reported data and not gap filled. Thailand has for decades been one of the world's largest rice exporters. In aggregate, that quintet of major exports accounted for 18.7% of overall exports sales from Thailand. The industry and service sectors produce about 90% of GDP. The major exports of Japan are cars, computers and electronic devices. Despite Thai exports' overall contraction of 6 per cent, exports to China remained solid, posting growth of 2.0 per cent. Today, however, industry has eclipsed agriculture in terms of contribution to GDP, contributing 39 percent in 1997. The export figures in September alone rose more than estimated by 17.1 per cent from a . Includes the barriers (tariff and non-tariff) that U.S. companies face when exporting to this country. The rapid growth of this sector can be attributed to free market forces, limited government assistance, and the private sector's . Thailand Raw materials exports are worth US$ 14,879 million, product share of 6.37%. Agricultural Exports Dairy Products: In 2018, Thailand imported $790.3 million in dairy products from across the globe. However, her main trade partners are China, which takes 20% of her exports, Australia taking 18%, the European Union taking 12%, the United States which takes 11% and Japan taking 6%. The economy of Thailand is dependent on exports, which accounted in 2019 for about sixty per cent of the country's gross domestic product (GDP). The United States is among Thailand's largest export markets, and Japan is among the country's biggest sources of imports. exports to Thailand from Iran, Taiwan, and China showed the largest decreases (down 16.7, 4.4, and .5 percentage points, respectively). Starting from the year 1995, Thailand's economic growth became much slow down due to a number of factors such as the contraction in the real estate sector, the emergence of China as an intimidating competitor in international trade, the fall of world demand of semiconductor which was one of the Thai major exports in 1996, and an appreciation . June 23, 2021. Per capita GDP growth for Thailand is expected at 2.5% in 2022 and 4.0% in 2023 - ADB Report. After two poor drought-plagued years of production, the country is heading for a big crop just as, it is hoped, recovery from the economic effects of the COVID-19 pandemic sets in and tourists start to return to the country's hotels and . The value of exports to all of Europe decreased by 4.63 % to 28.04 billion U.S. A regional leader in tourism, automotive, electronics, Thailand has shown a resilient economy despite going through tensed political situations in recent years. In spite of this, hopes for COVID-19 vaccines, less stringent lockdown measures than the previous round of the pandemic and economic stimulus measures introduced by many countries supported Thai exports in December 2020 to grow, for the first time in eight months, by 4.71%, against the contraction of 3.65% reported in . Thailand Exports By Country - was last updated on Wednesday, April 13, 2022. In the late 1970's it was a low-income country with extreme levels of poverty and a low Gross Domestic Product (GDP). Thailand itself is a newly industrialized country, with a GDP of 16.316 trillion baht (US$505 billion) in 2018, the 8th largest economy of Asia, according to the World Bank. The second largest economy in Southeast Asia after Indonesia, Thailand is conveniently located to be a hub for continental ASEAN. Thailand's exports include electronics, agricultural commodities, automobiles and parts, and processed foods. As a chiefly service-based economy, Thailand will require more agricultural goods from global markets, and the United States stands ready to provide them. Thailand is an emerging economy and active member of ASEAN and is very open to international trade, which represented 97.9% of the GDP in 2021 (World Bank, 2022). $31.4 billion or 12.8% of its overall exports. Thailand is the top exporter of durian and one of the top two global sugar exporters. The Bank of Thailand's (BOT) Monetary Policy Committee adjusted down its estimation of gross domestic product (GDP), stipulating that in 2022 the economy would expand by 3.2 per cent instead of its previous 3.4 per cent estimation. GDP growth. Published by Hansa Manakitsomboon , Apr 20, 2022. The country's population in 2015 was 67.96 million and the GDP was US$ 386,674 million, GDP per capita at US$ 5,814.77, and fisheries GDP at US$ 2,947 million. Thailand exports durians to China by land, sea and air each year. Key EU exports to Thailand are machinery and transport equipment, chemicals and related products, and manufactured goods. Thailand has 25 river basins with 254 sub-basins, and the two principal river systems are the Chao Phraya River and the Mekong River. Thailand is currently our 19th largest goods trading partner with $48.9 billion in total (two way) goods trade during 2020. Thai rice export prices are expected to be competitive as the price difference between Thai and Vietnamese rice converged during the last quarter of 2020, compared to the price difference of around U.S. $50-100/MT during the first half of 2020. That percentage suggests a relatively diversified range of exported goods. It also adjusted down its GDP expansion forecast for 2023 from 4.7 to 4.2 per cent. Tin, tungsten, lead, zinc, and antimony are also mined for export. Thailand's inflation rates forecasted at 3.3% in 2022 and 2.2% in 2023 - ADO 2022. Although high-yield varieties of rice were adopted in the 1960s, rice yields are much lower than in East Asia, owing primarily to less-efficient labour inputs. Thai imports for 2021 represent around 1.5% of overall global imports which cost an estimated $17.706 trillion one year earlier during 2020. The economy of Thailand has experienced incredible growth over the past four decades. Thailand shipped US$245.3 billion worth of goods around the globe in 2019, up by 16.4% since 2015 and down by -1.8% from 2018 to 2019. The COVID-19 pandemic continues to persist worldwide, including in Thailand. exports to Thailand from Iran, Taiwan, and China showed the largest decreases (down 16.7, 4.4, and .5 percentage points, respectively). Dollars. Thailand Major Exports Merchandise exports decreased by $ 2.28 billion (the value of merchandise exports from Thailand amounted to $233 billion in 2019) Exports | Thailand Thailand is an emerging economy and active member of ASEAN and is very open to international trade, which represented 97.9% of the GDP in 2021 (World Bank, 2022). whose exports averaged over US$9 billion annually during the last 10 years. Top 10 Thai Exports to the US. Flat products accounted for the largest share of steel exports to Rice is not only the main staple crop of the country but also the primary agricultural export. Thailand is currently the United States' 19th-largest goods trading partner, with $48.8 billion in two-way goods trade during 2020. Main export commodities are vehicles, including parts and accessories (7.2% of total exports), jewellery (3.1%), crude oil (2.8%) and rubber products (2.4%). The large fiscal stimulus response to support the economy and public health saw Thailand's public debt increase from 41.2% of GDP at end-2019 to 59% in October 2021, though still below the raised debt ceiling of 70%. U.S. exports to Thailand decreased by 16 percent, while U.S. imports from Thailand increased by 12 percent in 2020. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. TABLE TEXT Imports/Exports Thailand is an emerging economy and is considered a newly industrialised country. The top ten export items were machinery including computers (17.2%), electrical equipment (14%), vehicles (12.2%), rubber (6.2%), plastics (5.8%), gems (4.8%), mineral fuels, (4.2%), meat/seafood preparations (2.6%), organic chemicals (2.5%), and cereals (2.3%). Dollars.. Among the products imported by Thailand, we can mention crude petroleum, integrated circuits, gold, raw materials, and consumer goods. 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