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.
- Refined petroleum – $7.84 billion
- Rice – $5.77 billion
- Rubber – $4.63 billion
- Gold – $4.41 billion
- Diamonds – $1.52 billion
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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.
- 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
Details on Thailand’s Imports/Exports
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%).
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.
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.
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.
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.
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Sources and Further Reading
- All figures are based on OEC 2018 calculations and projections unless otherwise stated.
- Learn more about the state of world government debt from our country debt clock pages.
- See our global economic indicator guide to more than 45 other countries.
- Get our full guide to trading commodities.
All currency is reported in US dollars.