Thailand
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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:
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)
| 2011 | 2012 | 2013-16 | |
|---|---|---|---|
| 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
| Rank | 2012 |
|---|---|
| 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
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.
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