Thailand’s Economy: Learn How It Benefits From Rubber and Rice Exports

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Thailand Economy Overview

Thailand is the 22nd largest export economy in the world. It enjoys a positive trade balance of $34.3 billion after deducting its annual import total of $227 billion from the $262 billion achieved in export sales.

The GDP of Thailand is calculated as $505 billion, which results in a GDP per capita of $7,274.

This guide provides an overview of Thailand’s economy, including the country’s primary imports and exports.

Thailand’s Top Exports

Here is a breakdown of the most important products exported by Thailand, both commodities and other notable exports.

Commodity Exports

  • Refined petroleum – $7.84 billion
  • Rice – $5.77 billion
  • Rubber – $4.63 billion
  • Gold – $4.41 billion
  • Diamonds – $1.52 billion

If you’re interested in trading some of these commodities, you can jump to our list of recommended regulated brokers in at the end of the page.

Other Notable Exports

  • Office Machine Parts – $18.6 billion
  • Cars – $10.9 billion
  • Integrated Circuits – $9.54 billion
  • Delivery Trucks – $9.21 billion
  • Vehicle Parts – $8.23 billion

Thailand’s Top Imports

Here is a breakdown of the most important products imported by Thailand, both commodities and other notable imports.

Commodity Imports

  • Crude petroleum – $23.7 billion
  • Gold – $7.94 billion
  • Petroleum gas – $6.96 billion
  • Refined petroleum – $4.94 billion
  • Refined copper – $2.57 billion

Other Notable Imports

  • Integrated Circuits – $9.57 billion
  • Vehicle Parts – $6.58 billion
  • Broadcasting Equipment – $4.64 billion
  • Office Machine Parts – $4.09 billion
  • Planes, helicopters and/or spacecraft – $2.43 billion

Most of Thailand’s imports are received from China ($45.6 billion), Japan ($31.6 billion), Malaysia ($13.9 billion), the United States ($12.8 billion), and Singapore ($9.86 billion).

Details on Thailand’s Imports/Exports

Refined Petroleum

Exports of refined petroleum account for 3% of Thailand’s total annual exports and the country has a 1.04% share of a global market that is worth $753 billion annually.

Thailand’s refined petroleum is primarily destined for Singapore (28.5%), Cambodia (19.9%), Vietnam (13.6%), and Laos (11%).

Rubber

Thailand is the biggest exporter of natural rubber in the world and has a 33.3% share of a global export market that is worth $13.9 billion annually. Indonesia is short on its heels with a market share of 31.7%.

Almost half of Thailand’s rubber (42.4%) is destined for China.

Rice

The global rice export market is worth $25.4 billion annually. Thailand is the second-largest exporter with a 22.7% market share, behind India on 29.3%.

Thailand was also the fastest-growing rice export market between 2017 and 2018, when it increased exports by $2.77 billion to $5.77 billion.

Raw Sugar

Annual global sugar exports total $23.6 billion. Thailand is the second-largest exporting country with a 12.4% market share after Brazil’s 28.3% dominant share.

Between 2017 and 2018, Thailand showed the biggest growth of raw sugar exports when it increased by $921 million to $2.94 billion.

Gold

Thailand is the 16th largest gold-exporting country in the world with a 1.45% share of an annual global market that is worth $305 billion.

Most of Thailand’s gold is destined for Cambodia (38.7%), followed by Switzerland (34.3%, and Singapore (15.6%).

Interesting Facts About Thailand

  • The official ceremonial name for the capital city of Bangkok is – Krungthepmahanakhon Amonrattanakosin Mahintharayutthaya Mahadilokphop Noppharatratchathaniburirom Udomratchaniwetmahasathan Amonphimanawatansathit Sakkathattiyawitsanukamprasit.
  • Bangkok is the world’s most-visited city with 16 million tourists arriving each year.
  • Thailand is the only country located in Southeast Asia that has not been colonized by Europeans.

Interested in Trading Commodities?

Interested in trading rubber, gold, rice, and other important Thai commodities? Start your research with reviews of these regulated brokers available in .

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 53.00%-89.00% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Sources and Further Reading

Also see our guides on stock, CFD, and commodity brokers to find out which online trading platforms are available in .

All currency is reported in US dollars.

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