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Thailand is the 22nd largest export economy in the world. It enjoys a positive trade balance of 34.3 billion dollars after deducting its annual import total of 227 billion dollars from the 262 billion dollars achieved in export sales. The GDP of Thailand is calculated as 505 billion dollars, which results in a GDP per capita of 7,274 dollars.
This video provides an overview of Thailand’s economy, including the country’s primary imports and exports.
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Thailand’s Top Trading Partners:
In 2020, the Kingdom of Thailand shipped 229.2 billion dollars in goods around the world.
This figure represents a 7.3 percent increase since 2016, but a minus 6.6 percent decrease from 2019 to 2020.
This dollar figure represents roughly 1.2 percent of total global exports, which were estimated at 18.709 trillion dollars in 2019.
Using a continental perspective, 61.6 percent of Thailand's exports were delivered to other Asian countries, while 16.6 percent were sold to North American importers.
Thailand exported 12.7 percent more goods to Europe.
Oceania, led by Australia and New Zealand with 4.9 percent, Africa with 2.4 percent, and Latin America excluding Mexico but including the Caribbean received smaller percentages of 1.6 percent.
Here is a list of 15 of Thailand's top trading partners, countries that imported the most Thai shipments in terms of dollar value in 2020.
The percentage of total Thai exports for each import country is also shown.
The United States with 34.1 billion dollars account for 14.9 percent of total Thai exports
29.5 billion dollars from China at 12.9 percent
Japan with 22.7 billion dollars at 9.9 percent
11.2 billion dollars from in Hong Kong at 4.9 percent
11.1 billion dollars for Vietnam at 4.8 percent
9.7 billion dollars for Australia at 4.2 percent
Singapore with 9.4 billion dollars at 4.1 percent
Malaysia with 8.7 billion dollars at 3.8 percent
7.54 billion dollars from Indonesia accounting for 3.3 percent
Switzerland is worth 7.53 billion dollars at 3.3 percent
6 billion dollars for Cambodia at 2.6 percent
5.4 billion dollars from India at 2.4 percent
5 billion dollars from the Philippines at 2.2 percent
The Netherlands with 4.3 billion dollars at 1.9 percent
4.2 billion dollars from South Korea at 1.8 percent
Over three quarters or 76.9 percent of Thai exports in 2020 will be delivered to the 15 trade partners listed above.
Switzerland increased its purchases of Thai products at the fastest rate, with a 38.2 percent increase between 2019 and 2020.
Other increases in Thai export sales come from importers in the United States up by 8.8 percent, Singapore up 7.2 percent, and China up 1.8 percent.
Thailand’s Top 10 Exports:
The export product groups listed below have the highest dollar value in Thai global shipments in 2020.
The percentage share of each export category in terms of total Thai exports is also shown.
37.7 billion dollars for machinery, including computers accounting for 16.4 percent of total exports
34.1 billion dollars in electrical machinery and equipment at 14.9 percent
24.1 billion dollars for automobiles at 10.5 percent
18 billion dollars in gems and precious metals at 7.9 percent
Rubber and rubber products with 15.5 billion dollars at 6.8 percent
Plastics and plastic products with 11.9 billion dollars at 5.2 percent
6.6 billion dollars in meat and seafood preparations at2.9 percent
Mineral fuels, including oil, totaled 6.1 billion dollars at 2.7 percent
Optical, technical, and medical equipment with 4.7 billion dollars at 2.1 percent
4.2 billion dollars for fruits and nuts at 1.8 percent
Thailand's top ten exports accounted for 71 percent of the total value of the country's global shipments.
Gems and precious metals were the fastest growing of the top ten export categories, increasing by 14.9 percent since 2019, owing to increased international sales of gold.
Fruits and nuts came in second for increasing export sales, with a 10.9 percent increase.
Thailand's shipments of rubber as a material and articles made from rubber increased at the third fastest rate, increasing by 1.1 percent.
Mineral fuels, including oil, were the leading decliner among Thailand's top ten export categories, falling minus 27.8 percent year on year.
Thailand’s Top 10 Imports:
Thailand imported 208.8 billion dollars in goods from around the world in 2020, an increase of 6.7 percent since 2016, but a decrease of minus 13.1 percent from 2019 to 2020.
Thai imports in 2020 account for 1.1 percent of total global imports, which cost an estimated 19.085 trillion dollars in 2019.
In terms of total imports by value, 75.4 percent of Thailand's total imports in 2020 were purchased from other Asian countries.
European trade partners supplied 10.6 percent of Thailand's imports, while North America supplied 8 percent.
Oceania, primarily Australia and New Zealand made up 2.2 percent of the total.
Africa with 2 percent and Latin America with 1.8 percent, excluding Mexico but including the Caribbean, had lower percentages.
Given Thailand's 69.8 million population, its total of 208.8 billion dollars in 2020 imports equates to roughly 3,000 dollars in annual product demand from every person in the East Asian country.
During 2020, product groups have the highest dollar value in Thai global shipments.
The percentage share of each export category in terms of total Thai exports is also shown.
37.7 billion dollars for machinery, including computers accounting for 16.4 percent of total exports
34.1 billion dollars in electrical machinery and equipment at 14.9 percent
24.1 billion dollars for automobiles at 10.5 percent
18 billion dollars in gems and precious metals at 7.9 percent
Rubber and rubber products with 15.5 billion dollars at 6.8 percent
Plastics and plastic products with 11.9 billion dollars at 5.2 percent
6.6 billion dollars in meat or seafood preparations at 2.9 percent
Mineral fuels, including oil, totaled 6.1 billion dollars at 2.7 percent
Optical, technical, and medical equipment with 4.7 billion dollars at 2.1 percent
4.2 billion dollars for fruits and nuts at 1.8 percent
Thailand's top ten exports accounted for 71 percent of the total value of the country's global shipments.
Gems and precious metals were the fastest growing of the top ten export categories, increasing by 14.9 percent since 2019, owing to increased international sales of gold.
Fruits and nuts came in second for increasing export sales, with a 10.9 percent increase.
Thailand's shipments of rubber as a material and articles made from rubber increased at the third-fastest rate, increasing by 1.1 percent.
Mineral fuels, including oil, were the leading decliner among Thailand's top ten export categories, falling by minus 27.8 percent year on year.
During 2020, the following product groups have the highest dollar value in Thailand's import purchases.
The percentage share of each product category in terms of total imports into Thailand is also shown.
43.5 billion dollars in electrical machinery and equipment at 20.8 percent of total imports
Mineral fuels, including oil, amount to 28.8 billion dollars at 13.8 percent
26 billion dollars for machinery, including computers at 12.5 percent
9.5 billion dollars for automobiles at 4.6 percent
9.3 billion dollars for iron and steel at 4.5 percent
Plastics and plastic products with 8.6 billion accounting for 4.1 percent
8.1 billion dollars in gems and precious metals at 3.9 percent
6 billion dollars in iron or steel articles at 2.9 percent
Optical, technical, and medical equipment with 5.5 billion dollars at 2.6 percent
4.1 billion dollars in other chemical goods at 2 percent
Thailand's top ten imports account for 71.6 percent of the total value of its foreign product purchases.
Thai purchases of miscellaneous chemical goods went up by 2.3 percent and electrical machinery and equipment up by 0.1 percent were the only product categories to rise from 2019 to 2020.
Interesting Facts About Thailand
Bangkok's official ceremonial name is Krungthepmahanakhon Amonrattanakosin Mahintharayutthaya Mahadilokphop Noppharatratchathaniburirom Udomratchaniwetmahasathan Amonphimanawatansathit Sakkathattiyawitsanukamprasit.
Bangkok is the most visited city in the world, with 16 million visitors each year.
Thailand is the only Southeast Asian country that has not been colonized by Europeans.
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Sources :
https://www.worldstopexports.com/thailands-top-10-imports/
https://www.worldstopexports.com/thailands-top-import-partners/
https://www.worldstopexports.com/thailands-top-10-exports/
https://commodity.com/data/thailand/
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