As of September 4, 2019, Thailand exported $144 billion worth of goods during the first 7 months of 2019 dipping -0.4% compared to the same period one year earlier.
From a continental perspective, about three-quarters (65.1%) of Thai exports by value in 2018 were delivered to fellow Asian countries while 12.9% were sold to North American importers. Thailand shipped another 11.6% worth to Europe and 5.1% to Oceania led by Australia and New Zealand. Smaller percentages arrived in Africa (2.9%) and Latin America (2.1%) excluding Mexico but including the Caribbean.
Given Thailand’s population of about 68.6 million people, its total $249.8 billion in 2018 exports translates to roughly $3,600 for every resident in the East Asian country.
In macroeconomic terms, Thailand’s total exported goods represent 18.9% of its overall Gross Domestic Product for 2018 ($1.320 trillion valued in Purchasing Power Parity US dollars). That 18.9% for exports to overall GDP per PPP in 2018 compares to 23.3% for 2014, seeming to indicate a relatively decreasing reliance on products sold on international markets for Thailand’s total economic performance. And while this article focuses on exported goods, it is interesting to note that Thailand also provided $84.1 billion worth of exports-related services to global customers for an additional 6.4% of GDP in PPP.
Another key indicator of a country’s economic performance is its unemployment rate. Thailand’s unemployment rate was 1.1% at May 2019 up from 0.9% as of December 2018, according to Trading Economics.
Thailand’s Top 10 Exports
Top 10
The following export product groups represent the highest dollar value in Thai global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from Thailand.
- 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%)
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Thailand’s Most Valuable Export Products further down near the bottom of this article.
Thailand’s top 10 exports accounted for almost three-quarters (71.8%) of the overall value of its global shipments.
Year-over-year, the fastest-growing product categories were exported organic chemicals (up 31%), mineral fuels including oil (up 28.2%), then plastics and plastic items (up 14.3%).
Two product categories declined, namely gems and precious metals category (down -7%) and rubber including articles made from rubber (down -4.7%).
Advantages
The following types of Thai product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Vehicles: US$20.2 billion (Up by 4.6% since 2017)
- Machinery including computers: $13.4 billion (Up by 3.8%)
- Rubber, rubber articles: $12.7 billion (Down by -7%)
- Meat/seafood preparations: $6.3 billion (Up by 3.9%)
- Cereals: $4.9 billion (Up by 4.5%)
- Plastics, plastic articles: $4.9 billion (Up by 21.2%)
- Sugar, sugar confectionery: $2.7 billion (Down by -0.1%)
- Wood: $2 billion (Down by -13.8%)
- Fruits, nuts: $1.9 billion (Up by 36.2%)
- Vegetable/fruit/nut preparations: $1.8 billion (Down by -9%)
Thailand has highly positive net exports in the international trade of automobiles with cars and trucks creating larger surpluses than auto parts and motorcycles. These cashflows indicate Thailand’s strong competitive advantages under the vehicles product category.
Opportunities
Thailand incurred an overall -$1.1 billion trade deficit for 2017, reversing $10.9 billion in black ink one year earlier.
Below are exports from Thailand that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Thailand’s goods trail Thai importer spending on foreign products.
- Mineral fuels including oil: -US$32.2 billion (Up by 37.5% since 2017)
- Iron, steel: -$11 billion (Up by 18.4%)
- Electrical machinery, equipment: -$10.6 billion (Up by 28.9%)
- Gems, precious metals: -$4 billion (Up by 65.5%)
- Other chemical goods: -$3.1 billion (Up by 5.6%)
- Articles of iron or steel: -$2.8 billion (Down by -0.2%)
- Copper: -$2.3 billion (Up by 10.2%)
- Aluminum: -$2.05 billion (Up by 9%)
- Aircraft, spacecraft: -$2.05 billion (Down by -22.6%)
- Pharmaceuticals: -$2.02 billion (Up by 14.1%)
Thailand has highly negative net exports and therefore deep international trade deficits for the mineral fuels category. Under that category Thailand’s greatest shortfalls are for crude oil, petroleum gases and coal.
These cashflow deficiencies clearly indicate Thailand’s competitive disadvantages in the international fossil fuel market, but also represent key opportunities for Thailand to improve its position in the global economy through focused innovations in alternative energy sources.
Companies
Thai Export Companies
Fifteen Thai corporations rank among Forbes Global 2000. Below is a sample of the major companies headquartered in Thailand that Forbes included:
- PTT PCL (energy)
- Siam Cement (specialized chemicals)
- PTT Global Chemical (diversified chemicals)
- Thai Beverage (beverages)
- Thai Oil (oil, gas)
- Total Access Communication (telecommunications)
According to global trade intelligence firm Zepol, the following companies are examples of smaller Thai exporters:
- Dole Thailand (pineapples, plastic boxes/cases, fruit mixtures)
- Thai Agri Foods Public (non-alcoholic beverages, nuts, fruit/vegetable juices)
- Dana Spicer Thailand (automotive parts, latex, rubber transmission belts)
- Minson Enterprises Thailand (footwear, skates, sporting equipment)
- British Millerain Thailand (textile fabrics, vulcanized rubber, coconut yarn)
Searchable List of Thailand’s Most Valuable Export Products
At the more granular four-digit HTS code level, Thailand’s top export products are computers followed by cars, electronic integrated circuits then automobile parts or accessories.
The following searchable table displays 200 of the most in-demand goods shipped from Thailand during 2018. Shown beside each product label is its total export value then the percentage increase or decrease since 2017.
| Rank | Thailand's Export Product | 2018 Value (US$) | Change |
|---|---|---|---|
| 1 | Computers, optical readers | $12.7 billion | +8.2% |
| 2 | Cars | $11.1 billion | +2% |
| 3 | Automobile parts/accessories | $8.5 billion | +10.3% |
| 4 | Integrated circuits/microassemblies | $8.3 billion | +0.2% |
| 5 | Processed petroleum oils | $8.2 billion | +34.5% |
| 6 | Trucks | $7.8 billion | +7.4% |
| 7 | Rice | $5.6 billion | +8% |
| 8 | Air conditioners | $5.3 billion | +10.6% |
| 9 | Rubber tires (new) | $4.9 billion | +11.6% |
| 10 | Natural rubber | $4.6 billion | -24.2% |
| 11 | Phone system devices including smartphones | $4.4 billion | +5.5% |
| 12 | Gold (unwrought) | $4.4 billion | -23.4% |
| 13 | Jewelry | $3.9 billion | +5.2% |
| 14 | Ethylene polymers | $3.8 billion | +15.9% |
| 15 | Printing machinery | $3.1 billion | +3.6% |
| 16 | Fish, caviar (preserved/prepared) | $3 billion | +11.2% |
| 17 | Computer parts, accessories | $2.7 billion | -6.2% |
| 18 | Miscellaneous meat (preserved/prepared) | $2.7 billion | +6.3% |
| 19 | Sugar (cane or beet) | $2.6 billion | -0.2% |
| 20 | Polyacetal/ether/carbonates | $2.5 billion | +19.1% |
| 21 | Synthetic rubber | $2.4 billion | -2% |
| 22 | Piston engines | $2.2 billion | +50.9% |
| 23 | Air or vacuum pumps | $2.1 billion | +7.9% |
| 24 | Cyclic hydrocarbons | $1.9 billion | +63.5% |
| 25 | Electrical converters/power units | $1.8 billion | +15.8% |
| 26 | Refrigerators, freezers | $1.8 billion | -4.7% |
| 27 | Solar power diodes/semi-conductors | $1.8 billion | -10.1% |
| 28 | Electrical/optical circuit boards, panels | $1.8 billion | +5.8% |
| 29 | Lower-voltage switches, fuses | $1.7 billion | -2.6% |
| 30 | Diamonds (unmounted/unset) | $1.7 billion | +7.3% |
| 31 | Engines (diesel) | $1.6 billion | +0.2% |
| 32 | Miscellaneous animal feed preparations | $1.6 billion | +13.9% |
| 33 | Miscellaneous fruits (fresh) | $1.6 billion | +16.1% |
| 34 | Miscellaneous iron or steel items | $1.5 billion | +5.9% |
| 35 | Piston engine parts | $1.5 billion | +19.6% |
| 36 | Propylene/olefin polymers | $1.5 billion | +34.4% |
| 37 | Motorcycles | $1.5 billion | -1.8% |
| 38 | Non-alcoholic drinks (not water/juice/milk) | $1.4 billion | +11.9% |
| 39 | TV receivers/monitors/projectors | $1.4 billion | -3.1% |
| 40 | Electrical machinery | $1.4 billion | -0.3% |
| 41 | Printed circuits | $1.4 billion | +2.6% |
| 42 | Washing machines | $1.4 billion | -10.3% |
| 43 | Starches, inulin | $1.4 billion | +32.5% |
| 44 | TV receiver/transmit/digital cameras | $1.4 billion | -4.6% |
| 45 | Plastic packing goods, lids, caps | $1.3 billion | +8.5% |
| 46 | Other food preparations | $1.3 billion | +1.3% |
| 47 | Precious/semi-precious stones (unstrung) | $1.2 billion | +2.3% |
| 48 | Sawn wood | $1.2 billion | -18.8% |
| 49 | Insulated wire/cable | $1.2 billion | +9.9% |
| 50 | Clothing, accessories (vulcanized rubber) | $1.2 billion | +11.9% |
| 51 | Miscellaneous plastic items | $1.2 billion | -3.9% |
| 52 | Light vessels, fire boats, floating docks | $1.1 billion | +7.6% |
| 53 | Liquid crystal/laser/optical tools | $1.1 billion | -34.5% |
| 54 | Optical fiber cables, sheets, plates | $1.1 billion | +9.9% |
| 55 | Crustaceans (including lobsters) | $1.1 billion | -9.4% |
| 56 | Plastic plates, sheets, film, tape, strips | $942.3 million | +9.3% |
| 57 | Heavy machinery (bulldozers, excavators, road rollers) | $913.2 million | +30.4% |
| 58 | Crustaceans, molluscs (preserved/prepared) | $901.8 million | -16% |
| 59 | Coal tar oils (high temperature distillation) | $899.7 million | -6.8% |
| 60 | Manioc roots, Jerusalem artichokes | $896.8 million | -16.7% |
| 61 | Miscellaneous preserved fruits | $893.4 million | -10.5% |
| 62 | Telecommunication receivers | $852.4 million | +2.7% |
| 63 | Electric motors, generators | $852 million | -2.6% |
| 64 | Polycarboxylic acids | $851.2 million | +29.2% |
| 65 | Electric water heaters, hair dryers | $837.4 million | +9.5% |
| 66 | Hair preparations | $819.6 million | +9.5% |
| 67 | Crude oil | $817.8 million | +17.7% |
| 68 | Styrene polymers | $787.6 million | +29.8% |
| 69 | Vulcanized rubber items | $777.8 million | +6.3% |
| 70 | Taps, valves, similar appliances | $769.9 million | +8.5% |
| 71 | Dextrins, other modified starches | $761.3 million | +22% |
| 72 | TV/radio/radar device parts | $750.5 million | +6.8% |
| 73 | Sauces, mixed condiments, seasonings | $734.2 million | +12.5% |
| 74 | Liquid pumps and elevators | $729.7 million | +5.8% |
| 75 | Copper wire | $720.2 million | +12.1% |
| 76 | Poultry meat | $697.7 million | +14.2% |
| 77 | Centrifuges, filters and purifiers | $636.2 million | -25% |
| 78 | Hydraulic cements | $633.8 million | +15.2% |
| 79 | Seats (excluding barber/dentist chairs) | $633.5 million | +6.2% |
| 80 | Motorcycle parts/accessories | $632.9 million | +11.6% |
| 81 | Ball, roller bearings | $629.7 million | +18% |
| 82 | Iron and steel screws, bolts, nuts, washers | $614.2 million | +12.3% |
| 83 | Regulate/control instruments | $610.5 million | +20.7% |
| 84 | Electro-medical equip (e.g. xrays) | $602.9 million | +5.7% |
| 85 | Ligneous fiberboard | $601.3 million | +10.9% |
| 86 | Uncombed synthetic staple fibers | $595.1 million | +32.2% |
| 87 | Fruit and vegetable juices | $589.2 million | -10.3% |
| 88 | Electrical lighting/signaling equpment, defrosters | $588 million | +22% |
| 89 | Aircraft parts | $580.3 million | -1.1% |
| 90 | Beauty/makeup/skin care preparations | $576.6 million | +52.4% |
| 91 | Acyclic hydrocarbons | $570.9 million | +23.3% |
| 92 | Lenses, prisms, mirrors | $550.1 million | +6.7% |
| 93 | Electric storage batteries | $536.5 million | +5.6% |
| 94 | Uncoated paper for writing/printing | $535.5 million | -0.6% |
| 95 | Phenols/phenol-alcohols | $518.2 million | +55.4% |
| 96 | Pasta, couscous | $501.1 million | +13.4% |
| 97 | Base metal mountings, fittings | $488.7 million | -1.3% |
| 98 | Copper waste, scrap | $483.1 million | +22.4% |
| 99 | Synthetic filament yarn | $466.3 million | +4.2% |
| 100 | Vinyl chloride polymers | $464.1 million | -6.1% |
| 101 | Other animal leather | $449.3 million | +12.2% |
| 102 | Electric sound/visual signal bells or alarms | $447.8 million | +5.1% |
| 103 | Electric ignition/start equipment | $445.2 million | +17.1% |
| 104 | Bridge structures, parts | $433.4 million | +15.4% |
| 105 | Bread, biscuits, cakes, pastries | $432.6 million | +5% |
| 106 | Sports equipment | $430.7 million | +3.5% |
| 107 | Lifting/loading machinery | $420.8 million | +16.1% |
| 108 | Imitation jewelry | $416.5 million | +22.1% |
| 109 | Transmission shafts, gears, clutches | $402.9 million | +12.6% |
| 110 | Other organic cleaning preparations | $401.8 million | +9.6% |
| 111 | Unrecorded sound media | $399.9 million | +19.5% |
| 112 | Miscellaneous furniture | $394.8 million | -1.8% |
| 113 | Vulcanized rubber tubes, pipes | $387.2 million | +10.8% |
| 114 | Medication mixes in dosage | $380 million | +4.9% |
| 115 | Dried fruit | $368.2 million | -3.6% |
| 116 | Unsaturated acyclic mono acids | $358.7 million | +0.2% |
| 117 | Unvulcanized compounded rubber | $356.5 million | +7.8% |
| 118 | Moluscs | $352.7 million | -5.6% |
| 119 | Turbo-jets | $351.6 million | -20.5% |
| 120 | Cases, handbags, wallets | $349.5 million | +19.5% |
| 121 | Aluminum plates, sheets, strips | $347.4 million | +42.2% |
| 122 | Particle board, other ligneous materials | $345.2 million | -10.9% |
| 123 | Chemical industry products/residuals | $344 million | +14.2% |
| 124 | T-shirts, vests (knit or crochet) | $341.6 million | +3.9% |
| 125 | Synthetic yarn woven fabrics | $341.1 million | -1% |
| 126 | Epoxides | $339.5 million | +19.8% |
| 127 | Aircraft, spacecraft | $337.1 million | -49.5% |
| 128 | Tractors | $335.6 million | +8% |
| 129 | Salted/dried/smoked meat | $327.1 million | +81% |
| 130 | Dates/figs/pineapples/mangoes/avocadoes/guavas | $323.1 million | +14.4% |
| 131 | Other prepared/preserved vegetables (non-frozen) | $319.6 million | +7.3% |
| 132 | Electrical capacitators | $316.6 million | +10.1% |
| 133 | Petroleum gases | $313.6 million | +28.6% |
| 134 | Oral/dental hygiene preparations | $311.6 million | +4.6% |
| 135 | Uncoated paper | $308 million | +14.9% |
| 136 | Copper tubes, pipes | $306.9 million | +22% |
| 137 | Flour/meal/starch/malt extract food preparations | $300.9 million | +1.8% |
| 138 | Trailers | $300.1 million | +454.6% |
| 139 | Interchangeable hand/machine tools | $299.4 million | +0.3% |
| 140 | Wrist/pocket watches (no precious metal case) | $297.6 million | +15.9% |
| 141 | Footwear (leather) | $297.1 million | +2.4% |
| 142 | Sanitary towels, baby napkins/liners | $292.9 million | +17.3% |
| 143 | Harvest/threshing machinery | $288.4 million | +3.9% |
| 144 | Microphones/headphones/amps | $287.7 million | -1.7% |
| 145 | Vulcanised rubber thread, cord | $285.4 million | -2.9% |
| 146 | Iron or steel pipe fittings | $281.2 million | +9.7% |
| 147 | Iron or steel scrap | $280.9 million | +15.3% |
| 148 | Miscellaneous iron and steel structures | $278.6 million | -0.4% |
| 149 | Polyamides | $278.2 million | +14.2% |
| 150 | Iron and steel stranded wire, cables (uninsulated) | $273.9 million | +30.8% |
| 151 | Plastic plates, sheets, film, tape, strips | $271.7 million | +0.6% |
| 152 | Organic surface-active goods, soap | $269.2 million | +16.1% |
| 153 | Acyclic alcohols | $267 million | +11.6% |
| 154 | Plastic tableware, kitchenware, toiletry | $260.5 million | +16.5% |
| 155 | Miscellaneous aluminum items | $260.4 million | +16.8% |
| 156 | Silicones | $256.1 million | +27.4% |
| 157 | Fish fillets, pieces | $255.8 million | +2.7% |
| 158 | Amino-compounds (oxygen) | $253.9 million | -0.3% |
| 159 | Uncombed artificial staple fibers | $253 million | +16.7% |
| 160 | Other than warp-knit fabrics | $252.4 million | +13.4% |
| 161 | Paper containers, cellulose wadding | $252.2 million | +7.8% |
| 162 | Personal toilet/shaving preparations, deodorants | $250 million | +0.3% |
| 163 | Iron/steel containers for gas | $247.3 million | +8.4% |
| 164 | Iron or steel tubes, pipes | $246.2 million | +36.3% |
| 165 | Coated/laminated non-wovens | $242.4 million | +6.8% |
| 166 | Iron and steel stoves, barbecues | $242.4 million | +8.2% |
| 167 | Speed/distance meters | $241.4 million | +21.2% |
| 168 | Machinery parts | $240.6 million | +2.6% |
| 169 | Miscellaneous machine electrical parts | $239.7 million | +21.1% |
| 170 | Copper bars, rods | $237.4 million | +23% |
| 171 | Sugar-preserved vegetables, fruits | $234 million | -7.4% |
| 172 | Packaged insecticides/fungicides/herbicides | $227.3 million | -2.4% |
| 173 | Palm oil | $223.3 million | +3% |
| 174 | Carboxylic acids | $222.8 million | -0.6% |
| 175 | Models, puzzles, miscellaneous toys | $221.3 million | +10.3% |
| 176 | Sound reproducing/recording parts, accessories | $217.6 million | -4.3% |
| 177 | Iron or non-alloy steel angles, shapes, sections | $217.1 million | +34.6% |
| 178 | Fuel wood, wood chips, sawdust | $216.7 million | -1.3% |
| 179 | Ceramic sinks, washbasins, baths, pans | $214.1 million | +17.9% |
| 180 | Electrical resistors | $211.9 million | +22.3% |
| 181 | Women's underwear, pajamas (knit or crochet) | $211.5 million | +0.9% |
| 182 | Jerseys, pullovers (knit or crochet) | $209.6 million | +7.6% |
| 183 | Miscellaneous iron or steel tubes, pipes | $207.3 million | -18.8% |
| 184 | Acrylic polymers | $205 million | +19.2% |
| 185 | Synthetic organic coloring | $201.9 million | -5.9% |
| 186 | Locks, lock-keys | $198.1 million | +14.6% |
| 187 | Metal-removing lathes | $196.4 million | +28.8% |
| 188 | Bras, corsets (not knit or crochet) | $195.6 million | -8.1% |
| 189 | Aluminum waste, scrap | $191.8 million | +19.3% |
| 190 | Ceramic wares for technical uses | $188.5 million | +12.6% |
| 191 | Alcohol (including spirits, liqueurs) | $184.5 million | +37.7% |
| 192 | Vulcanized rubber hygiene/pharma items | $183.4 million | +10.7% |
| 193 | Gypsum, anhydrite, plasters | $182 million | +1.8% |
| 194 | Electric circuit parts, fuses, switches | $180.5 million | -9.2% |
| 195 | Flat-rolled stainless steel items | $180.3 million | +19.9% |
| 196 | Sugar confectionery (no cocoa) | $180.3 million | +3.2% |
| 197 | Footwear (rubber or plastic) | $180.1 million | +10.1% |
| 198 | Miscellaneous engines, motors | $178.2 million | +27.8% |
| 199 | Frozen fruits, nuts | $178.1 million | +96.2% |
| 200 | Moulding boxes/base | $177.6 million | -2.6% |
These 200 exported goods were worth a subtotal of US$219.1 billion or 87.7% by value for all products exported from Thailand during 2018.
See also Thailand’s Top 10 Imports, Thailand’s Top 10 Major Export Companies, Thailand’s Top Trading Partners and Top Asian Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on September 4, 2019
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 4, 2019
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 4, 2019
International Trade Centre, Trade Map. Accessed on September 4, 2019
Investopedia, Net Exports Definition. Accessed on September 4, 2019
Wikipedia, Gross domestic product. Accessed on September 4, 2019
Wikipedia, List of Companies of Thailand. Accessed on September 4, 2019
Wikipedia, Purchasing power parity. Accessed on September 4, 2019
World’s Richest Countries, Targeted research > Enriching insights > Global opportunities (GDP based on Purchasing Power Parity). Accessed on September 4, 2019
Zepol’scompany summary highlights by country. Accessed on September 4, 2019