Thailand had a total exports of US$252 billion and total imports of US$ 249 billion to a positive trade balance of US$3.3 billion. The trade growth was 0.69% compared to a world growth of 3.50%. GDP of Thailand was US$505 billion. Thailand services export was US$81 billion and services import was US$55 billion. Thailand exports goods and services as a percentage of GDP was 66.82% and imports of goods and services as a percentage of GDP was 56.49%.
IMPORTS IN THAILAND
The critical imports of Thailand likewise incorporate gold and silver. Bangkok and Thailand go for enhancing their gold deals market around the world, however, unfortunately, Thailand’s gold generation is exceptionally restricted.
Thailand imported US$239.9 billion worth of goods from around the globe in 2019, up by 18.8% since 2015 but down by -4.4% from 2018 to 2019
Thai imports for 2019 represent 1.2% of overall global imports which cost an estimated $19.665 trillion one year earlier during 2019.
74.9% of Thailand’s total imports by value in 2019 were purchased from fellow Asian countries. European trade partners supplied 11.7% of imports into Thailand while 8.1% worth originated from North America. Oceania (mainly Australia and New Zealand) accounted for 2.2% of the total. Even smaller percentages came from Africa (1.6%) and Latin America (1.5%) excluding Mexico but including the Caribbean.
Given Thailand’s population of 67.9 million people, it’s total $239.9 billion in 2019 imports translates to roughly $3,500 in yearly product demand from every person in the East Asian country.
The following Top 10 product groups represent the highest dollar value in Thailand’s import purchases during 2019. Also shown is the percentage share each product category represents in terms of overall imports into Thailand.
- Electrical machinery, equipment: US$43.4 billion (18.1% of total imports)
- Mineral fuels including oil: $37.6 billion (15.7%)
- Machinery including computers: $29.8 billion (12.4%)
- Gems, precious metals: $12.3 billion (5.1%)
- Iron, steel: $12 billion (5%)
- Vehicles: $10.7 billion (4.5%)
- Plastics, plastic articles: $9.2 billion (3.9%)
- Articles of iron or steel: $6.9 billion (2.9%)
- Optical, technical, medical apparatus: $6.4 billion (2.7%)
- Organic chemicals: $4.3 billion (1.8%)
Thailand’s top 10 imports approached three-quarters (72%) of the overall value of its product purchases from other countries.
Among these top categories, Thai purchases of optical, technical, and medical apparatus were the fastest gainer via a 6.7% increase in Thai import purchases since 2018. In second place were imported vehicles via a 4.8% uptick, trailed by the 0.7% year-over-year appreciation for machinery including computers.
At the more granular 4-digit level, Thailand’s top 10 imported goods are crude oil (9.3% of its total), integrated circuits (4.9%), gold (2.9%), phone system devices including smartphones (also 2.9%), automobile parts or accessories (2.8%), processed petroleum oils (2.6%), petroleum gases (2.3%), computers (1.7%), miscellaneous iron or steel items (1.3%) then unrecorded sound media (1.1%).
The rundown of import business proceeds in different structures, for example, household appliances and mechanical merchandise like iron, hardware, chemicals, steel, and PC. Indeed, even with the notable medical tourism industry in its area, yet, Thailand has a minor commitment to the field of pharmaceuticals.
EXPORTS FROM THAILAND
Thailand is the 20th largest export economy in the world with Thailand exports accounting for US$245.3 billion worth of goods around the globe in 2019.
The latest available country-specific data shows that 68.6% of products exported from Thailand were bought by importers in the United States (12.8% of the global total), China (11.8%), Japan (10%), Vietnam (4.9%), Hong Kong (4.8%), Malaysia (4.2%), Australia (4.1%), Indonesia (3.7%), Singapore (3.6%), India (3%), Cambodia (2.9%) and Philippines (2.8%).
From a continental perspective, approaching two-thirds (63.2%) of Thai exports by value in 2019 were delivered to fellow Asian countries while 14.6% were sold to importers in North America. Thailand shipped another 12.4% worth to Europe and 5% to Oceania led by Australia and New Zealand. Smaller percentages arrived in Africa (2.8%) and Latin America (1.9%) excluding Mexico but including the Caribbean.
Given Thailand’s population of about 67.9 million people, it’s total $245.3 billion in 2019 exports translates to roughly $3,600 for every resident in the East Asian country.
At the point when talking about the export segment in Thailand, automotive is the principal export in Thailand, which additionally incorporates accessories and parts.
Among the most noteworthy auto-creating countries everywhere throughout the world, Thailand holds the 12th rank. Chemical items and PC related items are another significant fare item. Next, comes the rubber export and Thailand is the primary rubber creation country when contrasted with alternate nations. Instead of industrially fabricated merchandise, nourishment items, fare such as rice, custard, and fish likewise hold the critical spot.
The following Top 10 export product groups represent the highest dollar value in Thai global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Thailand.
- Machinery including computers: US$40.2 billion (16.4% of total exports)
- Electrical machinery, equipment: $33.9 billion (13.8%)
- Vehicles: $28.9 billion (11.8%)
- Gems, precious metals: $15.7 billion (6.4%)
- Rubber, rubber articles: $15.3 billion (6.3%)
- Plastics, plastic articles: $13.3 billion (5.4%)
- Mineral fuels including oil: $8.5 billion (3.5%)
- Meat/seafood preparations: $6.7 billion (2.7%)
- Optical, technical, medical apparatus: $5.4 billion (2.2%)
- Organic chemicals: $4.6 billion (1.9%)
Thailand’s top 10 exports accounted for almost three-quarters (70.3%) of the overall value of its global shipments.
Gems and precious metals are one of the emerging growth leaders among the top 10 export categories, up by 31.5% since 2018, and propelled largely by stronger global sales of Thailand’s gold. The only other top category posting improved export revenues was meat or seafood preparations thanks to its 1.4% increase.
The leading decliner among Thailand’s top 10 export categories was organic chemicals which dropped -24.9% in value year over year.