Year over year, the overall cost of products imported into Thailand rose 13.6% from $269.1 billion in 2021.
Thai imports for 2022 represent around 1.4% of overall global imports which cost $22.432 trillion one year earlier during 2021.
Based on the average exchange rate for 2022, Thailand uses the Thai baht which depreciated by -8.5% against the US dollar since 2018 and fell by -9.6% from 2021 to 2022. Thailand’s weaker currency in 2022 made Thailand imports paid for in stronger US dollars relatively more expensive when starting from Thai baht.
Best Suppliers for Thailand’s Imports
The latest available country-specific data shows that 70.8% of products imported into Thailand were supplied by exporters in: mainland China (35.6% of the global Thai total), Japan (7.5%), United States of America (5.2%), United Arab Emirates (5.1%), Malaysia (4%), Taiwan (2.8%), South Korea (2.7%), Indonesia (2.2%), Singapore (also 2.2%), Vietnam (1.8%), Australia (1.7%) and Saudi Arabia (1.3%).
Applying a continental lens, 75.7% of Thailand’s total imports by value in 2022 were purchased from fellow Asian countries. European trade partners supplied 9.7% of imports into Thailand while another 6.7% worth originated from North America.
Oceania (mainly Australia and New Zealand) accounted for 3% of the total. Smaller percentages came from Africa (2.8%) and Latin America (2.2%) excluding Mexico but including the Caribbean.
Given Thailand’s population of 70.1 million people, its total $305.7 billion in 2022 imports translates to roughly $4,400 in yearly product demand from every person in the East Asian country. That per-capita amount exceeds the average $3,850 one year earlier in 2021.
Thailand’s Top 10 Imports
The following product groups represent the highest dollar value in Thailand’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Thailand.
- Mineral fuels including oil: Up by 53.6% (US$63.5 billion)
- Electrical machinery, equipment: Up by 8.6% (US$57.6 billion)
- Machinery including computers: Up by -2.6% (US$29.3 billion)
- Gems, precious metals: Up by 34.2% (US$16.7 billion)
- Iron, steel: Up by -4.8% (US$14.6 billion)
- Vehicles: Up by 9.1% (US$11.2 billion)
- Plastics, plastic articles: Up by 1.5% (US$10.9 billion)
- Articles of iron or steel: Up by 7.7% (US$7.9 billion)
- Other chemical goods: Up by 6.7% (US$6.7 billion)
- Optical, technical, medical apparatus: Up by 0.7% (US$6.4 billion)
Thailand’s top 10 imports represent 73.5% of the overall value of its product purchases from other countries.
Among these top categories, the fastest growth products in terms of Thai imports were mineral fuels including oil (53.6%), gems and precious metals (up 34.2%), then imported vehicles (up 9.1%).
The severest decline was for the metals category iron and steel, a -4.8% reduction year over year.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
At the more granular 4-digit level, Thailand spent the most on imported crude oil, electronic integrated circuits and microassemblies, petroleum gases, gold, and phone devices including smartphones. Collectively, that leading quintet accounts for 29.2% of overall Thai imported products.
Thailand’s Best Mineral Fuels Imports
In 2022, Thai importers spent the most on the following 10 subcategories of mineral fuels-related items.
- Crude oil: US$39.1 billion (up 53.4% from 2021)
- Petroleum gases: $12.7 billion (up 113.7%)
- Processed petroleum oils: $6.2 billion (up 13.7%)
- Coal, solid fuels made from coal: $2.7 billion (up 47.8%)
- Electrical energy: $2.0 billion (up 0.5%)
- Coal tar oils (high temperature distillation): $383.8 million (up 29.3%)
- Petroleum oil residues: $250.2 million (up 25.9%)
- Petroleum jelly, mineral waxes: $65.3 million (up 29.9%)
- Coke, semi-coke: $12.9 million (up 51.8%)
- Lignite: $8.4 million (up 1.0%)
Among these import subcategories, Thai purchases of petroleum gases (up 113.7%), crude oil (up 53.4%) then coke or semi-coke (up 51.8%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Thai businesses and consumers.
Thailand’s Best Electronics Product Imports
In 2022, Thai importers spent the most on the following 10 subcategories of electronics.
- Integrated circuits/microassemblies: US$19.1 billion (up 25.9% from 2021)
- Phone devices including smartphones: $7 billion (down -8.6%)
- Unrecorded sound media: $3.1 billion (down -15.1%)
- Solar power diodes/semi-conductors: $2.9 billion (up 13.4%)
- Electrical machinery: $2.7 billion (up 21.4%)
- Lower-voltage switches, fuses: $2.6 billion (down -2.4%)
- Insulated wire/cable: $2.4 billion (up 7.4%)
- Printed circuits: $2.2 billion (up 10.9%)
- Electrical/optical circuit boards, panels: $2.1 billion (up 14.1%)
- Electrical converters/power units: $1.9 billion (up 18%)
Among these import subcategories, Thai purchases of electronic integrated circuits and microassemblies (up 25.9%), electrical machinery (up 21.4%) then electrical converters or power units (up 18%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Thai businesses and consumers.
Thailand’s Best Machinery Imports Including Computers
In 2022, Thai importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$3.6 billion (down -14.1% from 2021)
- Computer parts, accessories: $2.5 billion (down -1.0%)
- Air or vacuum pumps: $2.3 billion (down -1.2%)
- Piston engine parts: $1.6 billion (down -6.8%)
- Taps, valves, similar appliances: $1.5 billion (up 17.0%)
- Turbo-jets: $1.23 billion (up 9.5%)
- Printing machinery: $1.18 billion (down -2.2%)
- Engines (diesel): $1.1 billion (up 22.4%)
- Transmission shafts, gears, clutches: $1.0 billion (down -4.4%)
- Miscellaneous machinery: $898.7 million (down -12.6%)
Among these import subcategories, Thai purchases of diesel engines (up 22.4%), taps, valves and similar appliances (up 17%) then turbo-jets (up 9.5%) grew from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Thai businesses and consumers.
Thailand’s Best Gems or Precious Metals Imports
In 2022, Thai importers spent the most on the following 10 subcategories of gems and precious metals.
- Gold (unwrought): US$11.2 billion (up 34.3% from 2021)
- Diamonds (unmounted/unset): $2.3 billion (up 34.2%)
- Jewelry: $1.2 billion (up 63.9%)
- Precious/semi-precious stones (unstrung): $792.5 million (up 86.4%)
- Silver (unwrought): $730.3 million (down -9.8%)
- Synthetic precious stones: $136 million (up 43.1%)
- Other precious metal items: $110.1 million (up 10.7%)
- Platinum (unwrought): $93.9 million (down -3.8%)
- Imitation jewelry: $80.4 million (up 28.9%)
- Pearls: $38 million (up 21.5%)
Among these import subcategories, Thai purchases of unstrung precious or semi-precious stones (up 86.4%), jewelry (up 63.9%) then synthetic precious stones (up 43.1%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported gems and precious metals among Thai businesses and consumers.
See also Thailand’s Top Trading Partners, Thailand’s Top 10 Exports and Thailand’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on April 2, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 2, 2023
International Trade Centre, Trade Map. Accessed on April 2, 2023
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on April 2, 2023
