Thailand on the world stage/international trade : Exports

Highlights

Exports are goods produced in Thailand and sold abroad, constituting 70 percent of GDP. Exports are an economic driver, bringing foreign currency income into the country, and the government consequently emphasizes them, promoting exports through beneficial trade agreements with other countries and through Offices of Trade Promotion placed abroad.
Exports surged an historic 28.1 percent in 2010, a healthy turnaround after plummeting 14.2 percent in 2009. The high level of growth may be attributed not only to the low base of comparison, but also to tariff reductions under a variety of Free Trade Area (FTA) frameworks, especially the ASEAN-China FTA, as well as between ASEAN and other negotiating partners. The five top exports in 2010 were, in order of importance: computers, equipment and parts; automotive; precious stones and jewelry; circuit boards; and rubber. The major export markets in order of importance included China, Japan, the United States, the European Union, and ASEAN.
Exports for the first five months of 2011 registered strong growth at 25.2 percent over-year, in spite of a decline in automotive exports in April and May due to shortages in manufacturing inputs from Japan due to the disasters. On the other hand, while shortages of imports from Japan cut into exports elsewhere, exports to Japan increased 30.4 percent in May, the highest increase in exports to any region. Thus, the impact of the Japanese disasters on Thai exports was limited, while Japanese demand for Thai goods remains high.