That dollar amount reflects a 13.6% gain compared to $249.9 billion during 2018.
Year over year, the overall value of Thai exports increased by 6.1% compared to $267.5 billion in 2021.
Based on the average exchange rate for 2022, Thailand uses the Thai baht which fell by -8.5% against the US dollar since 2018 and dropped by -9.6% from 2021 to 2022. Thailand’s weaker currency made Thailand’s exports paid for in stronger US dollars relatively less expensive for international buyers.
Thailand’s 5 biggest export products by value in 2022 were computers, cars, electronic integrated circuits or microassemblies, refined petroleum oils, and automobile parts or accessories. In aggregate, that quintet of major exports accounted for 17.7% of overall exports sales from Thailand. That percentage suggests a relatively diversified range of exported goods.
Thailand ranks among the top countries for exports of computers and gold.
Geographic Insights about Thailand’s Exports
The latest available country-specific data shows that 70% of products exported from Thailand were bought by importers in: United States of America (16.6% of the global total), mainland China (12%), Japan (8.6%), Vietnam (4.6%), Malaysia (4.4%), Australia (3.9%), India (3.7%), Indonesia (3.6%), Singapore (also 3.6%), Hong Kong (3.5%), Cambodia (3%) and Philippines (2.6%).
From a continental perspective, 61.6% of Thailand exports by value were delivered to fellow Asian countries while 18.5% were sold to North American importers. Thailand shipped another 10.9% worth of goods to Europe.
Smaller percentages went to Oceania led by Australia and New Zealand (4.7%), Africa (2.3%), then Latin America (2.1%) excluding Mexico but including the Caribbean.
Given Thailand’s population of about 70.1 million people, its total $283.8 billion in 2022 exports translates to $4,050 for every resident in the East Asian country. That per-capita dollar amount outpaces the average $3,800 one year earlier in 2021.
Thailand’s Top 10 Exports
The following export product groups represent the highest dollar value in Thai global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Thailand.
- Electrical machinery, equipment: US$45.3 billion (16% of total exports)
- Machinery including computers: $43.9 billion (15.5%)
- Vehicles: $31.3 billion (11%)
- Rubber, rubber articles: $18.8 billion (6.6%)
- Plastics, plastic articles: $15.1 billion (5.3%)
- Gems, precious metals: $14.8 billion (5.2%)
- Mineral fuels including oil: $11 billion (3.9%)
- Meat/seafood preparations: $7 billion (2.5%)
- Fruits, nuts: $5.7 billion (2%)
- Organic chemicals: $5 billion (1.8%)
Thailand’s top 10 exports accounted for 69.8% of the overall value of global Thai shipments.
Gems and precious metals was the fastest grower among the top 10 export categories, up by 48.8% since 2021 propelled by higher international sales of gold.
In second place for improving export sales was meat or seafood preparations which was up by 15.8%.
Thailand’s shipments of mineral fuels including oil posted the third-fastest gain in value up by 14% year over year.
The leading decliner among Thailand’s top 10 export categories was organic chemicals posting a -10.2% setback from 2021.
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.
Major Products Generating Highest Surpluses for Thailand
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$20.1 billion (Down by -6.3% since 2021)
- Rubber, rubber articles: $15.8 billion (Down by -3.6%)
- Machinery including computers: $14.7 billion (Down by -1%)
- Meat/seafood preparations: $6.6 billion (Up by 14.5%)
- Fruits, nuts: $4.4 billion (Down by -11.1%)
- Plastics, plastic articles: $4.2 billion (Down by -12%)
- Sugar, sugar confectionery: $3.4 billion (Up by 108.5%)
- Cereals: $2.9 billion (Up by 38.8%)
- Wood: $2.3 billion (Down by -0.7%)
- Vegetable/fruit/nut preparations: $2 billion (Up by 3.1%)
Thailand has highly positive net exports in the international trade of automobiles featuring cars and trucks creating larger surpluses than auto parts and motorcycles. These cashflows indicate Thailand’s strong competitive advantages under the vehicles product category.
Major Products Causing Greatest Deficits for Thailand
Thailand incurred an overall -$21.9 billion trade deficit for 2022, expanding by 1,261% from a -$1.6 billion deficit during 2021.
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$52.5 billion (Up by 65.8% since 2021)
- Iron, steel: -$12.5 billion (Down by -5.4%)
- Electrical machinery, equipment: -$12.3 billion (Down by -5%)
- Other chemical goods: -$4.5 billion (Up by 8.5%)
- Articles of iron or steel: -$2.926 billion (Up by 13.4%)
- Pharmaceuticals: -$2.915 billion (Down by -8%)
- Fertilizers: -$2.81 billion (Up by 39.5%)
- Aluminum: -$2.52 billion (Up by 12.8%)
- Copper: -$2.46 billion (Down by -12%)
- Fish: -$2.3 billion (Up by 32.9%)
Thailand has highly negative net exports and therefore deep international trade deficits for the mineral fuels category. Under that category Thailand’s greatest shortfalls are for crude oil, petroleum gases and coal.
These cashflow deficiencies clearly indicate Thailand’s competitive disadvantages in the international fossil fuel market, but also represent key opportunities for Thailand to improve its position in the global economy through focused innovations in alternative energy sources.
Thailand’s Main Export Companies
Fifteen Thai corporations rank among Forbes Global 2000. Below is a sample of the major companies headquartered in Thailand that Forbes included.
- PTT Global Chemical (diversified chemicals)
- PTT PCL (energy)
- Siam Cement (specialized chemicals)
- Thai Beverage (beverages)
- Thai Oil (oil, gas)
- Total Access Communication (telecommunications)
According to global trade intelligence firm Zepol, the following companies are examples of smaller Thai exporters.
- British Millerain Thailand (textile fabrics, vulcanized rubber, coconut yarn)
- Dana Spicer Thailand (automotive parts, latex, rubber transmission belts)
- Dole Thailand (pineapples, plastic boxes/cases, fruit mixtures)
- Minson Enterprises Thailand (footwear, skates, sporting equipment)
- Thai Agri Foods Public (non-alcoholic beverages, nuts, fruit/vegetable juices)
Searchable List of Thailand’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Thailand during 2022. Shown beside each product label is its total export value then the percentage increase or decrease since 2021.
| Rank | Thai Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Computers, optical readers | $12,745,778,000 | -10.4% |
| 2 | Cars | $11,024,926,000 | +3.5% |
| 3 | Integrated circuits/microassemblies | $9,229,571,000 | +10.1% |
| 4 | Processed petroleum oils | $8,856,368,000 | +13.3% |
| 5 | Automobile parts/accessories | $8,415,858,000 | -2.9% |
| 6 | Phone devices including smartphones | $7,399,578,000 | +42.6% |
| 7 | Trucks | $7,358,294,000 | -8.8% |
| 8 | Air conditioners | $6,973,190,000 | +9.6% |
| 9 | Gold (unwrought) | $6,909,042,000 | +79.4% |
| 10 | Rubber tires (new) | $6,637,522,000 | +5.6% |
| 11 | Natural rubber | $5,100,805,000 | -7.4% |
| 12 | Jewelry | $4,039,744,000 | +20.7% |
| 13 | Ethylene polymers | $3,964,366,000 | +0.3% |
| 14 | Rice | $3,940,781,000 | +17.6% |
| 15 | Miscellaneous fruits (fresh) | $3,764,099,000 | -11.6% |
| 16 | Printing machinery | $3,550,198,000 | +9.7% |
| 17 | Solar power diodes/semi-conductors | $3,389,780,000 | +27.4% |
| 18 | Electrical converters/power units | $3,234,220,000 | +33.6% |
| 19 | Miscellaneous meat (preserved/prepared) | $3,075,740,000 | +23.4% |
| 20 | Sugar (cane or beet) | $3,069,910,000 | +102.5% |
| 21 | Synthetic rubber | $3,005,015,000 | +30% |
| 22 | Fish, caviar (preserved/prepared) | $2,988,233,000 | +14.5% |
| 23 | Motorcycles | $2,974,139,000 | +3.3% |
| 24 | Polyacetal/ether/carbonates | $2,832,165,000 | -4% |
| 25 | Miscellaneous animal feed preparations | $2,803,995,000 | +16% |
| 26 | Electrical/optical circuit boards, panels | $2,486,266,000 | +10.1% |
| 27 | TV receiver/transmit/digital cameras | $2,264,158,000 | +36% |
| 28 | Computer parts, accessories | $2,238,479,000 | -12.5% |
| 29 | Refrigerators, freezers | $2,197,206,000 | -6.8% |
| 30 | Air or vacuum pumps | $2,174,324,000 | +1.9% |
| 31 | Starches, inulin | $1,783,262,000 | +7.8% |
| 32 | Diamonds (unmounted/unset) | $1,761,281,000 | +41.4% |
| 33 | Lower-voltage switches, fuses | $1,715,772,000 | -9% |
| 34 | Insulated wire/cable | $1,709,923,000 | -3% |
| 35 | Aircraft, spacecraft | $1,639,119,000 | +60.6% |
| 36 | Electrical machinery | $1,633,862,000 | +12.4% |
| 37 | Engines (diesel) | $1,621,010,000 | -3.5% |
| 38 | Clothing, accessories (vulcanized rubber) | $1,548,233,000 | -49.4% |
| 39 | Non-alcoholic drinks (not water/juice/milk) | $1,521,470,000 | -2.1% |
| 40 | Manioc, artichokes, sweet potatoes | $1,509,906,000 | +18% |
| 41 | Plastic packing goods, lids, caps | $1,477,417,000 | +6.5% |
| 42 | Other food preparations | $1,466,394,000 | +8.7% |
| 43 | Printed circuits | $1,464,328,000 | -10% |
| 44 | Electric water heaters, hair dryers | $1,390,101,000 | +13.3% |
| 45 | TV receivers/monitors/projectors | $1,365,375,000 | -8.3% |
| 46 | Piston engines | $1,356,840,000 | +26.2% |
| 47 | Palm oil | $1,273,431,000 | +78.5% |
| 48 | Propylene/olefin polymers | $1,245,358,000 | -19.5% |
| 49 | Miscellaneous iron or steel items | $1,236,928,000 | -2.2% |
| 50 | Piston engine parts | $1,219,002,000 | -12.8% |
| 51 | Precious/semi-precious stones (unstrung) | $1,165,212,000 | +70.8% |
| 52 | Poultry meat | $1,158,592,000 | +26.6% |
| 53 | Plastic plates, sheets, film, tape, strips | $1,084,486,000 | +4.4% |
| 54 | Copper waste, scrap | $1,078,075,000 | +6.9% |
| 55 | Washing machines | $1,073,450,000 | -12.3% |
| 56 | Optical fiber cables, sheets, plates | $1,056,593,000 | -4.9% |
| 57 | Miscellaneous plastic items | $1,042,398,000 | -1.9% |
| 58 | Miscellaneous preserved fruits | $1,027,405,000 | +4.6% |
| 59 | Heavy machinery (bulldozers, excavators) | $1,027,135,000 | +52.2% |
| 60 | Sawn wood | $1,001,667,000 | -5.48% |
| 61 | TV/radio/radar device parts | $961,343,000 | +2% |
| 62 | Aluminum plates, sheets, strips | $952,540,000 | +16.1% |
| 63 | Modified starches, dextrins | $952,033,000 | +12.6% |
| 64 | Cyclic hydrocarbons | $946,558,000 | -29.4% |
| 65 | Coal tar oils (high temperature distillation) | $934,908,000 | +19.2% |
| 66 | Polycarboxylic acids | $931,694,000 | +24.5% |
| 67 | Mixed condiments, sauces, seasonings | $907,229,000 | -2.8% |
| 68 | Centrifuges, filters and purifiers | $868,380,000 | -0.2% |
| 69 | Copper wire | $860,421,000 | +1.1% |
| 70 | Electric motors, generators | $857,836,000 | -0.9% |
| 71 | Lignite fiberboard including wood | $844,065,000 | -0.7% |
| 72 | Crustaceans (including lobsters) | $825,946,000 | -7.8% |
| 73 | Crustaceans, molluscs (preserved/prepared) | $811,096,000 | -1.9% |
| 74 | Taps, valves, similar appliances | $806,870,000 | -4% |
| 75 | Electro-medical equip (e.g. xrays) | $799,859,000 | +18.3% |
| 76 | Vulcanized rubber items | $798,529,000 | +2.9% |
| 77 | Motorcycle parts/accessories | $776,360,000 | -2.5% |
| 78 | Microphones/headphones/amps | $761,014,000 | +28.2% |
| 79 | Liquid pumps and elevators | $733,360,000 | -8.4% |
| 80 | Seats (excluding barber/dentist chairs) | $731,265,000 | -3.5% |
| 81 | Fruit and vegetable juices | $724,504,000 | +14.6% |
| 82 | Miscellaneous furniture | $718,590,000 | -3% |
| 83 | Vinyl chloride polymers | $714,889,000 | -1.1% |
| 84 | Hair preparations | $708,480,000 | -1.6% |
| 85 | Miscellaneous iron and steel structures | $701,646,000 | +8.8% |
| 86 | Initiators/accelerators, catalytic preps | $679,252,000 | -10.9% |
| 87 | Beauty/makeup/skin care preparations | $673,809,000 | +9.2% |
| 88 | Ball, roller bearings | $666,739,000 | +0.4% |
| 89 | Iron and steel screws, bolts, nuts, washers | $665,610,000 | +11.6% |
| 90 | Copper tubes, pipes | $663,149,000 | +4.6% |
| 91 | Electrical lighting/signaling equpment, defrosters | $662,875,000 | +1.2% |
| 92 | Pasta, couscous | $661,472,000 | +4.7% |
| 93 | Electric ignition/start equipment | $595,316,000 | -0.7% |
| 94 | Chemical industry products/residuals | $589,510,000 | +30.6% |
| 95 | Aluminum foil (thin) | $585,697,000 | +40.4% |
| 96 | Regulate/control instruments | $582,721,000 | +7.1% |
| 97 | Bread, biscuits, cakes, pastries | $566,937,000 | +9% |
| 98 | Dates/figs/pineapples/mangoes/avocadoes/guavas | $546,595,000 | -19.6% |
| 99 | Sports equipment | $541,675,000 | +13.7% |
| 100 | Cases, handbags, wallets | $538,761,000 | +63.5% |
These 100 exported goods were worth a subtotal of US$215.4 billion or over three-quarters (75.9%) by value for all products exported from Thailand during 2022.
In macroeconomic terms, Thailand’s total exported goods represent 19.2% of its overall Gross Domestic Product for 2022 ($1.48 trillion valued in Purchasing Power Parity US dollars). That 19.2% for exports to overall GDP per PPP in 2022 compares to 20% for 2021. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Thailand’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Thailand’s unemployment rate averaged 1% for 2022, down from an average 1.5% in 2021 according to the International Monetary Fund.
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 March 21, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 21, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 21, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 21, 2023
International Trade Centre, Trade Map. Accessed on March 21, 2023
Investopedia, Net Exports Definition. Accessed on March 21, 2023
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 21, 2023
Wikipedia, Gross domestic product. Accessed on March 21, 2023
Wikipedia, List of Companies of Thailand. Accessed on March 21, 2023
Wikipedia, Purchasing power parity. Accessed on March 21, 2023
Zepol’scompany summary highlights by country. Accessed on March 21, 2023
