Thailand - Export Britain

Export Britain

Thailand

Find support in this market.

Capital
Bangkok

Largest city
Bangkok

Administrative divisions
76 provinces 

Currency
Baht (THB)

Area
513,120 km2

Population
66,720,153 (2012)

Calling code
+66

Official language
Thai

Latest Business Opportunities

See more opportunities for Thailand.

Ease of trading across borders

Importing a standard container of goods into Thailand requires:

5documents
13days
£465

Introduction

Thailand is the second-largest economy in Southeast Asia, after Indonesia. Despite this, Thailand ranks midway in the wealth spread of Southeast Asia as the fourth-richest nation according to GDP per capita, after Singapore, Brunei and Malaysia. The economy of Thailand is an emerging economy which is heavily export-dependent, with exports accounting for more than two thirds of gross domestic product (GDP).

Economic snapshot (% annual growth rate)

201120122013-16
GDP 0.1 6.5 4.5
Export of goods and services 9.5 3.1 6.1
Import of goods and services 13.7 6.2 6.3
Inflation 3.8 3 2.4
Short-term interest rates (%) 3.3 2.9 3.7
Exchange rate (per £) 51.6 48.7 52.05
Population 0.6 0.5 0.5
Unit labour cost 3.0 1.8 -0.3
Source: Oxford Economics

Economic outlook

As China continues to rebalance the economy away from a reliance on credit, growth in countries – such as Thailand – that have come to rely heavily on trade with China will be affected. After the rebound in 2012, economic growth is expected to moderate to about 5% this year and next, the pace seen in the 3 years leading up to the global financial crisis.

Trade outlook

The main destinations for Thailand’s exports are the rest of Asia and the US. Although traditionally Thailand's major markets have been North America, Japan and Europe, economic recovery witnessed by Thailand's regional trading partners also helped boost growth in Thailand’s exports. The country has also increased its exports in some of its non-traditional export markets, including India, China and the Middle East. To help increase the value of its exports, Thailand has negotiated free trade agreements with Australia, China, India, Japan, New Zealand and ASEAN.


SWOT analysis

Strengths
Automotive industry
Member of the World Trade Organization
Weaknesses
Little economic investment for other parts of the country except for tourist zones
Opportunities
Eco-friendly car industry
Advocate of the free enterprise system
Threats
Corruption
Shortage of skilled labour

Thailand's trade with the UK

Sector segmentation growth

Sectors to watch:
  • motor vehicles
  • utilities
  • beverages

Manufacturing

  • electronic components
  • machine tools 

Fastest-growing exporters into Thailand

Rank2012
1 Cambodia
2 Indonesia
3 Malaysia
4 Vietnam
5 Australia
6 New Zealand
7 South Africa
8 Japan
9 Singapore
10 Sri Lanka

Total merchandise trade - Leading import partners

Total merchandise trade - leading import partners
Opportunities for UK businesses

Thailand’s economic growth has created opportunities for British businesses in a number of infrastructure sectors, including electrical power, telecommunications, and renewable energy. Opportunities for UK businesses exist in cosmetics, security equipment, food supplements, educational services, automotive accessories, defence equipment, broadcast equipment, food processing and packaging equipment, and environmental technology. 

Find support in this market.

Your local Chamber provides a range of export services and links to overseas markets.
Find your local Chamber here.

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