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Written by Marijn Overvest | Reviewed by Sjoerd Goedhart | Fact Checked by Ruud Emonds | Our editorial policy
Thailand Import and Export Statistics 2024 — 15 Key Figures
Key take-aways
- Thailand’s economic success stems from robust export sectors.
- The country strategically aligns its manufacturing goals with UN sustainable objectives.
- Thailand’s commitment to a sustainable future is evident in its initiatives.
Thailand is a vibrant country famous for its beautiful beaches, magnificent temples, and flavorful cuisines such as Pad Thai and Tom Yum Goong.
Thailand emerged as an upper-middle-income country after its remarkable social and economic progress due to smartly implemented policies. For years, its economy grew at an average of 7.5% annually and withstood during the Asian Financial Crisis retaining a solid 5% economic drawback.
The World Bank labeled the country as the 8th largest and most booming economy in Asia. Its economic growth is largely dependent on exports accounting for 60% of its GDP ( Gross Domestic Product ). These heavily include the manufacturing and agricultural sectors. Other important commerce growth contributors are tourism, automotive, and the food industry which benefit the country’s well-developed transportation, infrastructure, and communication systems.
Thailand’s Import and Export Statistical Figures in 2024
The OEC ( Observatory of Economic Complexity ) reveals the following import and export highlights of the country.
1. The top exports of Thailand are:
- Office Machine Parts ($20.3B)
- Integrated Circuits ($11.2B)
- Cars ($10.9B)
- Delivery Trucks ($9.52B)
- Motor vehicles ( parts and accessories ) ($8.44B)
2. The top imports of Thailand are:
- Crude Petroleum ($20.1B)
- Integrated Circuits ($11.3B)
- Gold ($8.05B)
- Petroleum Gas ($6.65B)
- Motor vehicles ( parts and accessories) ($6.49B)
3. Thailand is one of the world’s biggest agricultural exporters of:
- Rubber ($5.62B)
- Fruits ( durian, mangosteen, and longan ) ($4.48B)
- Processed Meat ( shrimp, tuna, and chicken ) ($2.55B)
- Starches ($1.67B)
- Cassava ($1.29B)
4. Thailand is one of the world’s biggest importers of Carbon ($477M).
5. Thailand’s top export partners are:
- The United States ($45.3B)
- China ($37.7B)
- Japan ($25.1B)
- Vietnam ($12.5B)
- Australia ($12.1B)
6. Thailand’s top import partners are:
- China ($69.6B)
- Japan ($31.2B)
- Malaysia ($12.7B)
- United States ($12.2B)
- The United Arab Emirates ($9.1B)
7. The TCEB ( Thailand Convention and Exhibition Bureau ) study shows the top emerging import and export sectors in the country in 2023 and beyond:
- Digital Sector
- Agriculture and Biotechnology Sector
- Medical Sector
- Medical and Wellness Tourism Sector
- Aviation and Logistics Sector
- Biofuels and Biochemicals Sector
- Smart Electronics Sector
- Food Manufacturing Sector
- Robotics Sector
- Automotive Sector
8. The trade aims to increase Thailand’s economy by 2.5%-3.5% in the next 2 years.
According to the ITA ( International Trade Administration, due to the U.S.-China trade war, Thailand becomes the country’s agricultural export destination. These products are, soybeans, soybean meal, cotton, DDGS, protein for animal feed, wheat, meat and meat products, dairy products, fresh fruit, dried fruits, nuts, starches, dehydrated potatoes, food additives, colorings, flavorings, juice concentrates, and other baking ingredients.
Krungsi Research reveals Thailand’s industry outlook from 2023 and beyond according to its sustainable import and export practices:
9. Thailand’s Bio-Circular-Green Economy ( BCG Model ) started operating this year. It focuses greatly on sourcing renewables such as solar, biomass, biogas, waste-to-energy resources to achieve net-zero by 2050 and zero greenhouse gas emissions by 2065.
10. The Thai Industrial Standards Institute ( TISI ) polishes its import and export procurement goals and strategies by adjusting exhaust emission standards for trucks, buses, pickups, and eco cars to align these with the Euro 5 standards.
11. To protect the ozone layer, the country’s Department of Industrial Works will ban importing and exporting dichlorodifluoromethane (HCFC-141b) on January 1, 2024. Furthermore, Thailand plans to lessen the release of greenhouse gas by -40% by 2040.
12. The continuing war between Ukraine and Russia will prompt Thailand’s rice export to climb by 8.0-11.0m tons from 2024-2025. To further accommodate the surge, the government urged the farmers to switch to bioenergy as a sustainable farming technique.
13. The continuing supply problems from rubber competitor countries will give the Thai economy a bullish market as rubber exports will rise from 3.5%-4.5% annually.
14. Thailand’s roadmap to a neutral -carbon economy includes cutting BEV ( battery electric vehicle tax from 8% to 2% to encourage its manufacture and use. Additionally, it will help the country achieve its ZEVs ( Zero Emission Vehicles ) target by 2030.
15. Starting July 1, 2024, Thai battery manufacturers will need to make standard chargers along with their displayed carbon footprint for their export EVs, laptops, tablets, smartphones, and industrial applications. This directive is according to EUs revised Circular Economy Action Plan.
Agriculture
While agriculture only accounts for 6% of Thailand’s import and export activities, it employs around ⅓ of the country’s population. Thus, making the country the largest exporter of tapioca products such as cassava flour, rubber, frozen shrimp, canned tuna, canned pineapple, and rice.
With the government’s refined agricultural laws such as economic expansion and improved water resources for the farmers, the country expects a 2%-3% increase in their agricultural produce which further helps their import and export market.
Industry
The industrial sector such as mining, construction, water, electricity, and gas generated an annual average of 30% GDP of the country. With the changes in industrial policy such as petrochemicals, electronics and automobile parts, iron and steel, and computer equipment, the country realigned its manufacturing goals to the UN’s sustainable objectives. The World Bank projected a 3.3% increase in Thailand’s industrial sector in the next 3 years.
Additionally, the US-China trade conflict proved to be an economic advantage to the country as some China-based manufacturers slowly moved their supply chains to Southeast Asia.
This gives more leverage to the country’s growing import and export market.
Tourism
The Tourism Authority of Thailand records an average of 10 million tourists each year contributing 19%-20% of annual GDP to the country. With the easing of Covid restrictions and China’s reopening to travel, Thailand expected more visitors to flock this year and beyond.
Digital Economy
The booming tech startups are a promising outlook for Thailand as The United Nations Conference on Trade and Development ( UNCTAD ) reported ASEAN’s start-up ecosystem growth is 85% bigger than Europe and 65% faster than the U.S.
Thus, this digital transformation opportunity is a great addition to the country’s economic stand and its financial services.
Conclusion
Thailand, a dynamic economy fueled by diverse sectors, stands resilient amid global shifts. From agriculture to tech, it navigates challenges with sustainable practices, showcasing promising growth.
Frequently asked questions
What are Thailand's top export products?
Notable exports include office machine parts, integrated circuits, cars, delivery trucks, and motor vehicle parts.
How does Thailand address environmental concerns in its industries?
Thailand embraces a Bio-Circular-Green Economy, focusing on renewables, emission standards, and bans on harmful substances for sustainable development.
How does Thailand's economy respond to geopolitical events, like the Ukraine-Russia conflict?
Thailand anticipates a surge in rice exports due to the conflict, emphasizing bioenergy adoption and tackling supply problems in sectors like rubber.
About the author
My name is Marijn Overvest, I’m the founder of Procurement Tactics. I have a deep passion for procurement, and I’ve upskilled over 200 procurement teams from all over the world. When I’m not working, I love running and cycling.
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