Thailand's economy continues to show resilience, buoyed by strategic trade agreements and export initiatives. According to the Ministry of Commerce, the nation witnessed significant growth, especially with its Free Trade Agreements (FTAw) contributing to its export expansion.
Minister of Commerce Suchart Chomklin reported recently on Thailand's trade status, stating, "The total trade value with FTA partner countries reached $360.34 billion, growing 5% compared to 2022." Exports to these partner nations accounted for $172.04 billion, marking a 3% increase, highlighting the effectiveness of Thailand's international trade strategies.
The growth is particularly evident with partner countries such as Peru, which saw exports increase by 33%, followed by India at 16%, New Zealand at 13%, and China at 3%. Within ASEAN, countries like Cambodia and Laos, growing by 43% and 6% respectively, reflect Thailand’s strengthening presence within the region.
Looking forward to 2025, Suchart emphasized the importance of capitalizing on global market trends, particularly as prices for various agricultural products rise. "There is great potential for Thai exports, especially as food security becomes a pressing issue globally," he added, urging businesses to leverage Thailand's existing FTA agreements to their fullest.
Currently, Thailand maintains 14 effective FTaw with 18 nations, and the upcoming ratification of the Thailand-Sri Lanka FTA (expected within the first half of 2025) is anticipated to bolster this figure. Further solidifying its trade standing, Thailand recently signed its first FTA with the European Free Trade Association (EFTA) on January 23, 2025, marking a new chapter for Thai-European trade relations.
Analyzing trade performance by sector, the Ministry reported growth of 4% within industrial exports to FTA partner countries, with significant contributions from jewelry and ornaments (up 48%), aluminum products (up 23%), and machinery (up 14%). Despite facing challenges, such as slight declines in agricultural shipments due to climate-related issues, certain products thrived. Noteworthy gains were observed with coffee exports shooting up by 105% and rubber products increasing by 30%.
Thailand's position as the leading agricultural exporter within ASEAN and eighth globally showcases its the portfolio diversity. The country continues to evolve, with ambitions to engage key trading partners like the European Union, Canada, and South Korea in future FTA negotiations.
"Our goal includes discussions with more partners, including the UK and members of the Eurasian Economic Union (EAEU)," concluded Suchart, reinforcing Thailand's commitment to enhancing its trade framework and exploring new budding markets. Special attention will also be directed toward the Pacific Alliance and southern South America markets as outlined by trade officials.
Cumulatively, the insights from the Thai Ministry of Commerce, alongside reported trade figures, paint a vivid picture of Thailand's vibrant trade environment amid shifting global landscapes.