Imports/Exports in Thailand
Thailand is an emerging economy, very dependent on exports, which account for more than two-thirds of the GDP. Thailand is very open to international trade (trade represented on average almost 140% of the GDP in 2007-2009) and is an active member of ASEAN. The country's three main export partners are: the United States, Japan and China. Main export commodities are electric and electronic equipment, machinery, vehicles, rubber, and plastics. The main import partners are: Japan, ASEAN, China, the EU and the United States. Thailand mainly imports electric and electronic equipment, mineral fuels and oil, machinery, iron and steel, and plastics. Thailand shows a trade surplus, a trend which should continue.
|Foreign Trade Indicators||2006||2007||2008||2009||2010|
|Imports of Goods (million USD)||128,773||139,966||179,225||133,668||182,400|
|Exports of Goods (million USD)||129,722||153,867||177,778||152,422||195,319|
|Imports of Services (million USD)||32,841||38,173||46,033||37,541||45,429|
|Exports of Services (million USD)||24,636||30,124||33,056||29,677||33,985|
|Imports of Goods and Services (Annual % Change)||3.3||4.4||8.5||-21.8||-|
|Exports of Goods and Services (Annual % Change)||9.1||7.8||5.1||-12.7||-|
|Imports of Goods and Services (in % of GDP)||70.1||65.0||73.9||57.8||-|
|Exports of Goods and Services (in % of GDP)||73.6||73.4||76.5||68.4||-|
|Trade Balance (million USD)||13,844||26,762||17,385||32,691||-|
|Trade Balance (Including Service) (million USD)||5,651||17,478||5,124||-||-|
|Foreign Trade (in % of GDP)||143.7||138.4||150.4||126.2||-|
Source: WTO - World Trade Organization ; World Bank
Main Partner Countries
(% of Exports)
|United Arab Emirates||1.5%|
|Other partnersClose extended list||56.1%|
(% of Imports)
|United Arab Emirates||4.7%|
|Thailand This flow is explained by the way local Customs Authorities report trade with overseas or special territories (e.g. Hong Kong or Taiwan in the case of China, French West Indies in the case of France, etc) as well as the treatment of re-imported (or re-exported) products, which get out (or enter) of the country for a limited time, with the intention of being re-imported (or re-exported) without significant transformation overseas.||1.3%|
|Other partnersClose extended list||49.4%|
Exchange Rate System
- Exchange Rate Regime
- Due to the slowing of the US economy and its tremendous current account deficit, the Thai Baht appreciated against the US Dollar for a while, even after its show of stability several months ago.Although Bank Of Thailand (BOT) has regulated economic stability under the Inflation Targeting framework and has successfully controlled Thailand’s inflation rate for the past eight years, the “rules” framework has not been applied to regulate the exchange rate yet. So far, BOT has attempted to stabilize the exchange rate by intervening in the foreign currency market’s demand and supply volume, and controlling capital inflow and outflow, though BOT has no commitment to control a change to the exchange rate within any exact time or interval.
- Level of Currency Instability
- After the Thai authorities introduced stringent capital restrictions for foreign investors on 18 December 2006, an unregulated “offshore market” for the Thai baht appeared. At times, the offshore rate was more than 10% higher than the domestic rate. The restrictions were removed on 3 March 2008.
|Thailand Baht (THB) - Average Annual Exchange Rate For 1 USD||40.22||37.88||34.52||33.31||34.29|
Source: World Bank
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