Thailand2020 Economic Complexity : 0.91, Rank 30 of 127
2020 Product Exports | Imports: $243B | $193B, 23 of 226 | 26 of 226
2020 Per Capita Product Exports | Imports: $3.48k | $2.77k, 73 of 219 | 95 of 219
2020 Service Exports | Imports : $31B | $45.3B, 18 of 65 | 14 of 65
Overview In 2020, Thailand was the number 24 economy in the world in terms of GDP (current US$), the number 23 in total exports, the number 26 in total imports, the number 85 economy in terms of GDP per capita (current US$) and the number 30 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Thailand are Office Machine Parts ($17.2B), Gold ($14.3B), Integrated Circuits ($9.17B), Cars ($8.28B), and Motor vehicles; parts and accessories (8701 to 8705) ($6.54B), exporting mostly to United States ($35.3B), China ($30.2B), Japan ($23.2B), Hong Kong ($11.8B), and Vietnam ($11.2B).
In 2020, Thailand was the world's biggest exporter of Rubber ($3.66B), Other Fruits ($2.86B), Other Prepared Meat ($2.67B), Starches ($1.16B), and Dextrins ($761M)
Imports The top imports of Thailand are Crude Petroleum ($15B), Integrated Circuits ($9.32B), Gold ($5.07B), Motor vehicles; parts and accessories (8701 to 8705) ($4.95B), and Broadcasting Equipment ($4.6B), importing mostly from China ($51B), Japan ($24.5B), United States ($11.3B), Malaysia ($10.5B), and Singapore ($9.32B).
In 2020, Thailand was the world's biggest importer of Steel Bars ($357M) and Carbon ($296M)
Location Thailand borders Burma, Cambodia, Laos, and Malaysia by land and India, Indonesia, and Vietnam by sea.
The following section uses the most recent trade data from partners of Thailand.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Office Machine Parts, $17.2B
Top Destination (2020): United States, $51B
In 2020, Thailand exported a total of $243B, making it the number 23 exporter in the world. During the last five reported years the exports of Thailand have changed by $17.7B from $225B in 2015 to $243B in 2020.
The most recent exports are led by Office Machine Parts ($17.2B), Gold ($14.3B), Integrated Circuits ($9.17B), Cars ($8.28B), and Motor vehicles; parts and accessories (8701 to 8705) ($6.54B). The most common destination for the exports of Thailand are United States ($35.3B), China ($30.2B), Japan ($23.2B), Hong Kong ($11.8B), and Vietnam ($11.2B).
Fastest Growing Export Markets (2019 - 2020)
Thailand Exports Services (2020): $31B
Thailand Imports Services (2020): $45.3B
In 2020, Thailand exported $31B worth of services. The top services exported by Thailand in 2020 were Miscellaneous business, professional, and technical services ($12B), Personal travel ($11.2B), Transportation ($3.33B), Business travel ($2.29B), and Financial services ($778M).
The top services imported by Thailand in 2020 were Transportation ($18.2B), Miscellaneous business, professional, and technical services ($12.9B), Royalties and license fees ($4.5B), Personal travel ($3.25B), and Insurance services ($2.43B).
Thailand has a high level of specialization in Rubber Thread (35.4), Rubber (19.9), Cassava (18.8), Sugar Preserved Foods (18.5), and Starches (17.6). Specialization is measured using RCA, an index that takes the ratio between Thailand observed and expected exports in each product.
The highest complexity exports of Thailand according to the product complexity index (PCI) are Drawing, marking-out, mathematical calculating instruments (drafting machines, protractors, drawing sets etc); instruments for measuring length (e.g. measuring rods, tapes, micrometers, callipers) n.e.c. (1.84), Watch movements; complete and assembled (1.76), Silicones in primary forms (1.74), Machine-tools; for working any material by removal of material, by laser or other light or photon beam, ultrasonic, electro-discharge, electro-chemical, electron beam, ionic-beam, or plasma arc processes; water-jet cutting machines (1.73), and Lathes for removing metal (1.68). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Thailand according to the relatedness index, are Broadcasting Accessories (0.31), Integrated Circuits (0.31), Other Edible Animal Products (0.3), Electrical Capacitors (0.3), and Copper Foil (0.3). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Thailand is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Thailand's economy has become relatively more complex, moving from the 64th to the 30th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
Have questions, comments, or concerns?
Send us an e-mail: [email protected]
v5.1.12 ibex