Thailand's exports declined in 2023: Reports

 

According to the Thailand import export data reports, there were around 288 billion dollars worth of exports recorded by Thailand.  During this period Thailand's most prominent exports were machinery, mineral fuels, chemicals, crude materials, beverages, tobacco, animal, vegetable oils, and other major products. Machinery was the most exported product from Thailand with exports worth 4.3 Billion Thai baht.

Mineral oils and fuels were the second most exported goods from Thailand with over 2165 billion Thai baht worth of exports in 2022. Whereas, as per Thailand customs data, manufacturing goods exports worth was estimated around 1270 Billion Thai Baht followed by Chemicals ( 1212 Billion Thai Baht) and Food Products ( 561 Billion Thai Baht). 

The United States was the top destination for Thailand exports with over 15% share in Thailand total exports. China was the second leading market for Thailand exports with imports worth over $36 Billion. As per Thailand export data, Japan, Vietnam, Malaysia, Hong Kong, Australia, Singapore, Indonesia and India are other most favoured destinations for the Thailand export products. 

Thailand's top export companies are PTT Global Chemical, PTT PCL, Siam Cement, Thai Beverage, Oil and Total Access Communication. These Thailand companies were listed among Forbes Global 2000.

On the other hand, the latest market trends reports reflect that Thailand exports fell by 5% this year. In June 2023, Thailand’s total exports were recorded to be 25 billion dollars. It was 0.4 more than the previous month's exports. Whereas, there is a forecast that Thailand exports could increase in the third quarter by 0.6% and in the final quarter it could see a rise of 12%. 

Rice is the most profitable product export from Thailand. Experts predict that Thailand could expect 8.5 million metric tons of rice exports by the end of this year. Whereas, it was 7.8 million tonnes last year.  

 

On the other hand, Thailand's most prominent imports were crude & refined petroleum, gold, petroleum products, coal, office machine parts, motor vehicles, parts and accessories. Out of these, Crude petroleum oils accounted for over 20 billion dollars worth of imports during fiscal year 2022. 

Semiconductor devices were the second most imported goods by Thailand, having over 5% share in Thailand's total imports. Gold was the third most imported product with over 8 billion dollars worth of imports by Thailand in 2022. According to the Thailand import data reports, around 304 billion dollars worth of goods were imported by Thailand.

The most favoured destinations for Thailand imports were mainly China, Japan, Malaysia, United States, United Arab Emirates and Singapore. China was the leading destination for Thailand imports. China holds over 24% share in Thailand's overall imports. 

During the financial year 2022, China has exported around 65 billion dollars worth of goods to Thailand. Japan was the second leading supplier to China with over $35 billion exports during the same period. The United States, Malaysia, South Korea, United Arab Emirates, Indonesia, Singapore and Vietnam were other significant exporters to Thailand during 2022.

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