Thailand : Trade Balance, Exports and Imports (2021, published 2022)

Historically, maybe a bit surprising for some, Thailand had a negative trade balance with the rest of the world, for a big chunk the time. If a positive trade balance is present, it remained relatively small (see period between 2001-2014)

Of course, if not for crude oil imports, the trade balance would be positive most if not all of the time. This applies to a lot of other countries as well.

Notice the striking trade deficits in the 1995-2000 period. This is around the 1997 Asian economic crisis, which started off in Thailand. I remember reading at the time preceding the crisis, that the country was importing a lot of 'capital goods', which was reportedly a good thing. Obviously too much of a good thing, turned out to be bad later on.
In 2014, there was a tiny trade deficit recorded of about 380 million U.S. Dollar. In 2015, the trade balance was positive by about 11.72 billion U.S. Dollar, which can be explained kind of completely by the drop in value of imported crude oil and oil products. 2016 saw a larger positive trade balance of 20.66 billion U.S. Dollar. However, total trade (import+exports) decreased during 2016 from 417 to 410 billion U.S. Dollar (-1.68%), which throughout the year appeared worrying to the Thai authorities. 2017 saw a persistence of the current trend with a positive trade balance of 13.93 billion U.S. Dollar.

Up to August 2018, there was a positive trade balance of 23.6 billion U.S. Dollar (with significantly increased exports). Likely this would result in a positive trade balance of close to 30 billion U.S. Dollar, which would be the highest in history.

In 2018, exports were high during the first 8 months, but lowered thereafter and the trade balance ended positively by 'only' 4.756 billion U.S. Dollar. Thailand imported a total value of 27.799 billion U.S. dollar in crude oil, which was close to 8 billion U.S. dollar more than in 2017, which explains a great part of the lesser positive trade balance.
Total imports in 2018 had a value of 248.20 billiion U.S. Dollar and total exports a value of 252.96 billion U.S. Dollar.

In 2019, total trade decreased. Imports lowered from the previous year to 236.26 billion U.S. Dollar, exports lowered from the previous year to 246.27 billion U.S. Dollar. This was a year with trade tensions between U.S. and China, which had complicated effects on trade around the world. While total trade decreased in 2019, the positive trade balance increased to 10.01 billion U.S Dollar. [updated]

2020 was the year of the Covid-19 pandemic. Like most other countries, Thailand suffered an effect on both imports and exports. Imports decreased to 206.99 billion U.S. Dollar (-12.4 %), exports decreased to 231.47 billion U.S. Dollar (-6.0 %). Total trade decreased to 438.46 billion U.S. Dollar (-9.1 %), while the trade balance actually saw the largest figure ever (at least since 1991) at 24.48 U.S. Dollar (+32.4 %. compared to previous year).

During 10 of the 11 months before December (exception for March 2020), total trade decreased during 2020, but with both imports and exports increasing in December, total trade increased during the last month of the year. Maybe this is a good omen.

The positive trend of end-2020 indeed continued during 2021, the second full year of the Covid-19 pandemic. Exports increased by 17.1 % to 271.174 billion U.S. Dollars. Imports increased more by 29.8 % to 267.600 billion U.S. Dollars. Total trade increased to 538.774 billion U.S. Dollars, while the trade balance remained mildly positive at 3.573 billion U.S. Dollars.

Note : Numbers of changes import and export values of goods, are a bit different when expressed in Thai baht. The exchange rates vary during the year.

Trade Balance Thailand-Rest of the World 1991-2021

Below are listed the most important export products by value in U.S Dollar for 2021 :

Because the value of exports of Thai products increased overall by 17.1 %, the value of traded goods in most categories increased.

Export winners were : Cars and Car parts (-36.23 %), Rubber (-58.6 %, this includes a lot of rubber medical gloves etc. related to the Covid-19 pandemic), Ethylene and Propylene products (+41.11 %), Chemical Products (+45.52 %), Refined Fuels (+65.24 %), Iron and Steel Products (+40.07 %). There were some intesting newcomers in the top 20 of export products : Tapioca Products (+ 46.71 %), Motorcycles and Parts (+ 43.54 %), and Copper (+ 59.73 %). Exports of Precious Stones and Gold decreased by 44.84 % in 2021, indicating that less gold was sold to the many gold traders around the country.

Exported Products from Thailand, 2021

Asean countries (Malaysia, Singapore, Indonesia, Vietnam, Philippines, Cambodia, Myanmar, Laos, Brunei) take the largest chunk out of Thai exports. In a second group : China, U.S.A., all of Europe, and Japan, are of almost equal importance).

Interestingly already in 2019, the value of exports to the U.S.A. increased by 11.78 % from 28.04 to 31.34 billion U.S. Dollar. In 2020, exports to the U.S.A. increased again to 34.34 billion U.S. Dollar (despite trade overall being down). And now again, in 2021, there was a prominent increase in exports to the U.S.A., up to 41.77 billion U.S. Dollar. I guess the country stopped producing a lot of things itself.

Luckily, the U.S. administration under president Trump did not take too much notice, and that time has now passed (?). Reason for the increase in exports ? Not sure, one could think some exports to U.S. shifted from China to Thailand.

The value of exports to China increased by 24.79 % to 37.20 billion U.S. Dollar. Nevertheless, the U.S.A. remained the most important export market for Thailand during 2019, 2020, and 2021.
The value of exports to Japan increased by 9.55% to 24.98 billion U.S. Dollars.

The value of exports to all of Europe decreased by 4.63 % to 28.04 billion U.S. Dollars..

In 2021, the value of exports to the 'local' market, ASEAN, increased substantially by 17.24 % from 55.47 to 65.01 billion U.S. Dollar.

We should notice that Switzerland received a lot less of Thai exports, just 1.41 billion U.S. Dollar, down from 7.52 U.S. billion U.S. Dollar. Thai Exports (and Imports from) to Switzerland consists mostly of gold and gold products.

Countries that received substantially more exports from Thailand in 2021 :
India : 8.53 billion U.S. Dollar (+55.1 5)
South Africa : 3.00 billion U.S. Dollar (+41 %)

Export destination of Thai products, 2021

In 2019 imports into Thailand reached a value of 236.26 billion U.S. Dollars. In 2020 imports decreased to 206.99 billion U.S. Dollars. Then, in 2021 when the overall economy of the world recovered a bit from the first year of the Covid-19 pandemic, imports into Thailand surged by 29.8 % to 237.6 billion U.S. Dollar.

Imported goods into Thailand :

Imported crude oil (as in many countries) is very important for the Thai economy. By value it was again the largest item among Thai imports.No less than 24.14 billion U.S. Dollar worth of crude oil was imported in 2021 (+49.67 %), mainly due to the increased price of oil on the world market. 2022 probably will see even higher value of imports.

Many categories of imports saw a prominent increase in imported value :
Chemicals (+43.13 %) to 20.64 billion U.S. Dollar.
Iron and Steel (+60.62 %) to 16.42 billion U.S. Dollar.
Jewelry, Gold, Silver : +59.92 % to 11.98 billion U.S. Dollar.
Finished Oil Products (+63.7 %) to 5.40 billion U.S. Dollar.

We have the impression a lot of the increased value of imports is due to the increase of prices in oil, metal, and other commodities.

Value of imported Goods into Thailand, 2021.

For total trade, China has become the most important (and the largest) trading partner of Thailand. Imports from China increased again in 2021 from a value of 48.85 billion U.S. Dollar in 2020 to 66.55 billion U.S. Dollar (+33.63%).

During 2021, oil exporting countries from the Middle East (U.A.E. (+81.2 %), Saudi Arabia (+47.26 %), Qatar (+67.68 %)) increased the value of their exports to Thailand. If not for the crude oil imports, Thailand would have a substantial positive trade balance with the rest of the world.

The U.S.A. (when compared to its importance as an export market for Thai goods), is of relatively less importance as an exporter to Thailand. However, in 2020 imports from U.S.A. dropped by 14.06 % to 14.85 billion U.S. Dollar (while exports to U.S.A. increased). In 2021, there was a further slight decrease by 2.59 % to 14.42 billion U.S. Dollar.

ASEAN is the second most important source of imported goods for Thailand, but less goods are imported from the whole of ASEAN, than from China. Imports in value from ASEAN decreased by 8.13 % to 41.49 billion U.S. Dollar in 2019, and decreased further to 39.37 billion U.S. Dollar in 2020. But in 2021 imports from ASEAN increased to a value of 45.78 billion U.S. Dollar.

In 2020 imports from Japan decreased by no less than 16.62 % to 27.68 billion U.S. Dollar. Even more substantial, imports from Europe decreased by 20.43 % in 2020 to 22.029 billion U.S. Dollar. Imports from Japan rebounded in 2021 to 35.68 billion U.S. Dollar (+28.89 %). Europe also exported quite a bit more to Thailand in 2021 : 28.20 billion U.S. Dollar worth of goods (+28.46 %).

Origin of Imports into Thailand, 2021

Trade balance with major trading blocks and partners :

Thailand has substantial trade deficits with both China and Japan. There is also a substantial Thai-Japanese industry, exporting to the world from Thailand.

Thailand has a substantial trade surplus with the ASEAN countries and with the U.S.A. The trade balance with U.S.A. is positive and increased from 19.573 billion U.S. Dollar to 27.34 billion U.S. Dollar, mainly due to increased exports to the U.S.A.

In 2021, trade with Europe is extremely well balanced, with almost equal value of imports from and exports to.

While the numbers change sometimes a bit, the trade balances as figured below have persisted for many years in a row now.

In summary, trade deficits with China and to a lesser degree Japan. Trade surpluses with Asean, U.S.A. and balanced trade with Europe.

Resources : Data are somewhat better presented than before on this new website provided by the Ministry of Commerce