If you asked me what were Thailand’s more important exports I would have been quite confident in stating rice, pineapples and rubber. With such a big farming community it would have just been common sense, right? Well although important they are not the biggest, in fact, they barely make the top 10.
Thailand’s export industry is heavily biased towards computers and cars.
Natural rubber is down almost 25% in 2018 vs. 2017.
Given Thailand’s population of about 68.6 million people, it’s total $249.8 billion in 2018 exports translates to roughly $3,600 for every resident in the East Asian country.
Thailand is heavily dependent upon exports and it accounts for more than two-thirds of its GDP.
Where do Thailand Exports go?
About three-quarters of Thai exports, by value in 2018, are exported to other Asian countries whilst 12.9% were sold to North American importers. Europe makes up the third biggest region with Thailand shopping another 11.6% worth of value here.
To find out more details on Thai exports visit www.worldstopexports.com.
How does Tourism revenue compare?
It is also quite common for expats to cite tourism as a key revenue driver, but again, by comparison, is this true?
In this case, such claims are absolutely true. Only this year the Government projected that the tourism sector will account for 30% of Thailand’s GDP by 2030, up from the current 20% in 2019. Estimates for 2016 for the total revenue directly generated from tourism are put at 2.53 trillion baht (US$81 billion).
How does Thailand compare to other Asian countries?
In 2018, according to the World Bank, Thailand had a GDP of 16.316 trillion baht (US$504.9 billion), the 8th largest economy of Asia.
So, there you go – now you know. I certainly learned something today at very least!
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