Thailand Economy Overview
Economic Profile
Thailand is the second-largest economy in ASEAN and the Greater Mekong Subregion (GMS). As an upper-middle-income country with an open, market-oriented economy, Thailand has successfully transformed from an agriculture-based economy to a diversified one with significant contributions from the services and industrial sectors.
Key Economic Indicators
- GDP: USD 513 billion (2023), growing at 1.9%
- Per Capita GDP: USD 7,330
- Export-Dependent Economy: Exports account for 55% of GDP
- Sector Contributions:
- Services: 61%
- Industry: 30%
- Agriculture: 9%
Trade Overview
- Global Trade: USD 574.31 billion (2023), a 2.4% contraction
- Exports: USD 284.56 billion, down 0.99%
- Imports: USD 289.75 billion, down 3.74%
- Major Export Items: Agricultural commodities (rice, rubber, cassava), chemicals, electrical machines, electronics, jewellery, and iron & steel.
- Key Trading Partners (2023): China, USA, Japan, Malaysia, Taiwan, UAE, Australia, Vietnam, Singapore, Indonesia, India
Thailand has preferential trade agreements and Free Trade Agreements (FTAs) with countries like Japan, Australia, New Zealand, South Korea, China, Peru, and Chile, as well as participation in the Regional Comprehensive Economic Partnership (RCEP).
Foreign Direct Investment (FDI)
- Total FDI (2023): USD 16.06 billion
- Major FDI Sources: China, Singapore, USA, Japan, Taiwan
Key Sectors: Electrical appliances, automotive parts, food processing, cement, integrated circuits, petroleum, textiles, and tourism.
Bilateral Trade:
Bilateral Trade between the two countries has increased manifold in recent years. Trade between the two countries over recent years is as under:
|
Year
|
Total trade
|
Thai Exports to India
|
Thai Import sfrom India
|
|---|---|---|---|
|
2019
|
12.14
|
7.34
|
4.80
|
|
2020
|
9.79
|
5.50
|
4.29
|
|
2021
|
14.99
|
8.58
|
6.40
|
|
2022
|
17.70
|
10.53
|
7.17
|
|
2023
|
16.04
|
10.11
|
5.92
|
Investments:
Approved Indian investment in Thailand during the last few years is as under
|
Year
|
Investment (million USD)
|
|---|---|
|
2019
|
23.38
|
|
2020
|
42.35
|
|
2021
|
124.73
|
|
2022
|
37.98
|
|
2023
|
29.44
|
We maintain close connections with many organizations and have frequently invited Thai companies to visit Indian businesses. Last year, we invited 20 Thai companies to explore business opportunities in India, and we are excited about the prospect of working in Thailand.
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