Thailand officially the Kingdom of Thailand is a country in Southeast Asia with coasts on the Andaman Sea and the Gulf of Thailand. It borders Myanmar (Burma) to the northwest, Laos to the northeast, Cambodia to the southeast and Malaysia to the south.
Located in southern Asia it is known for great eats, martial arts, beaches, and many temples. Thailand also has many islands that are well known that have numerous resorts for tourists.
Thailand in Brief:
Thailand & Logistics:
The economy of Thailand is heavily dependent on exports, which accounts for more than two-thirds of the country’s gross domestic product (GDP).
Thailand itself is a newly industrialized country, with a GDP of 16.316 trillion baht (US$504.9 billion) in 2018, the 8th largest economy of Asia, according to the World Bank. As of 2018, Thailand has an average inflation of 1.06% percent and an account surplus of 7.5 percent of the country’s GDP. The Thai economy is expected to post 3.8% growth in 2019. Its currency, the Thai Baht, also ranked as the tenth most frequently used world payment currency in 2017.
The country’s main trading partners are Japan, the United States, China, Singapore, and Malaysia. The most important import categories by value are machinery; chemicals and related products; petroleum; iron, steel, and other metals; and raw materials of various types.
Main Imports of Thailand are:
- Electrical machinery, equipment: US$45.6 billion (18.2% of total imports)
- Mineral fuels including oil: $42.7 billion (17%)
- Machinery including computers: $29.6 billion (11.8%)
- Gems, precious metals: $15.9 billion (6.4%)
- Iron, steel: $12.5 billion (5%)
- Vehicles: $10.2 billion (4.1%)
- Plastics, plastic articles: $9.6 billion (3.8%)
- Articles of iron or steel: $7.5 billion (3%)
- Optical, technical, medical apparatus: $6 billion (2.4%)
- Organic chemicals: $5 billion (2%)
Main Exports of Thailand are:
- Machinery including computers: US$42.9 billion (17.2% of total exports)
- Electrical machinery, equipment: $35 billion (14%)
- Vehicles: $30.4 billion (12.2%)
- Rubber, rubber articles: $15.5 billion (6.2%)
- Plastics, plastic articles: $14.5 billion (5.8%)
- Gems, precious metals: $11.9 billion (4.8%)
- Mineral fuels including oil: $10.6 billion (4.2%)
- Meat/seafood preparations: $6.6 billion (2.6%)
- Organic chemicals: $6.1 billion (2.5%)
- Cereals: $5.7 billion (2.3%)