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ASIA-PACIFIC TRADE AND INVESTMENT
REPORT 2015
Supporting Participation in Value Chains
Asia-Pacific Trade Briefs
Thailand
Merchandise trade: Thailand’s economy is highly dependent on exports of goods and services. In 2014, total
merchandise trade accounted for about 107.6% of GDP – compared to 50.4% for the Asia-Pacific region in total.
Thailand’s exports are highly diversified across 4355 products and 127 markets, compared to the Asia-Pacific average
of 2107 products and 95 partners. Almost half of its exports (48.3%) are destined to China, the United States, Japan,
and Hong Kong, China while over a third (39.5%) of imports in 2014 are sourced from China and Japan. However,
domestic turmoil together with persistently weak external demand dragged Thailand into trade recession in 2014. The
country’s merchandise exports contracted by -0.4% which was below the region’s sluggish export growth of 1.5%.
Merchandise imports contracted sharply by -9.0% as a result of weak demand both from the domestic and export
markets as well as Baht depreciation.
Services trade: Thailand’s services exports contracted -5.7% in 2014 – from an average of 12.7% annual growth
between 2010-2014. This was led by a sharp decrease in tourism and transport services exports most likely due to
political unrest. Tourism accounts for over half of all Thailand’s services exports. Services imports contracted -3.1%
in 2014 – from an average of 4.3% annual growth between 2010-2014. This was led by a sharp decrease in imports of
transport services. Transport services account for over half of all Thailand’s services imports.
Global value chains (GVCs): As reflected in the share of intermediate goods in trade and the major export and
import products, Thailand participates in GVCs as a producer of intermediates. Trade in intermediates is markedly
higher in Thailand (31%) than the Asia-Pacific regional total (22%) for imports, and marginally higher in Thailand
(19%) than the region (18%) for exports. The country’s top export and import products prominently feature
intermediate goods (i.e. integrated circuits; motor parts; diodes and transistors).
Foreign direct investment (FDI): Both FDI inflows and outflows contracted in 2014, for the first time since 2010.
FDI inflows fell sharply, by -10.3% – following several years of rapid growth – averaging 8.3% a year between 20102014. FDI inflows to Thailand dropped more sharply than total FDI inflows to the region (-1.5%) because of the
combination of weak economic growth and persistent political tensions.
Tariffs: Average MFN applied and effective tariffs at 10.9% and 12.0% are slightly higher than Asia-Pacific averages
of 7.4% and 7.4%. Average WTO bound duty, at 25.3%, is above the Asia-Pacific average of 21.7%.
Trade costs: Intraregional trade costs with Thailand have fallen markedly since 2009. It is costlier for Asia-Pacific
economies to trade with Thailand than with East Asia-3 (China, Japan and Republic of Korea) – the intraregional
benchmark – however almost the same as with EU-3 (France, Germany and United Kingdom) – the extraregional
benchmark. Based on the UNRC Survey 2015*, Thailand’s trade facilitation and paperless trade implementation score
is at 75.3%, compared to 46.5% for the Asia-Pacific.
Trade agreements: Thailand has 13 trade agreements in force, much higher than the Asia-Pacific average of 7
agreements. Fifty five per cent of exports are to PTA partners, compared to 35% for the Asia-Pacific. Seventy one per
cent of imports are from PTA partners, compared to 45% for the Asia-Pacific.
Annual Growth (%)
Figure 1. Key trade and investment indicators
13
12
11
10
9
8
7
6
5
4
3
2
1
0
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10
-11
6.1
4.8
- 0.4
1.5
- 9.0
- 1.0
- 3.1
- 5.7
- 10.3
- 1.5
Thailand Asia-Pacific Thailand Asia-Pacific Thailand Asia-Pacific Thailand Asia-Pacific Thailand Asia-Pacific
Merchandise Exports
Merchandise Imports
Services Exports
2013-2014
Services Imports
FDI Inflows
2010-2014
*Country notes summarising results of the UNRC Survey 2015 are available at: http://unnext.unescap.org/UNTFSurvey2015.asp
Figure 2. Top merchandise markets
25
Australia; -2.8
Germany; 3.0
Indonesia; -3.5
20
Singapore; 4.2
Hong Kong,
China; -4.5
15
Indonesia; 4.7
Republic of Korea;
-4.6
15
Australia; 4.7
United States; -6.4
Malaysia; 5.8
Malaysia; -7.4
Hong Kong,
China; 6.0
10
Singapore; -9.1
10
Japan; 10.7
5
5
Japan; -18.8
United States; 13.1
China; -20.7
China; 18.5
1-20
-30
-10
0
10
Imports (%)
20
0
2
30
-8
-6
1-4
-2
Exports (%)
Rice.; 1.9
Parts and
accessories (other
than c; 1.9
Petroleum oils and
oils obtained fr; 2.2
Motor cars and
other motor
vehicles; 2.5
Parts and
accessories of the
motor ; 2.5
Telephone sets,
including
telephone; 2.9
Natural rubber,
balata, gutta-perch;
3.1
Motor vehicles for
the transport of; 3.5
Electronic
integrated circuits.;
4.8
Automatic data
processing
machines ; 8.7
0
2
Imports (%)
Figure 4. Trade in goods by their use
4
6
8
2 10
Exports (%)
Figure 5. Foreign direct investment
100
16
90
14
58
70
60
64
70
73
50
40
30
20
18
19
10
0
31
22
10
8
6
4
8
12
11
13
Thailand
Asia-Pacific
Thailand
Asia-Pacific
Exports
Raw Materials
12
Value in USD billions
Total Exports (%)
80
2
0
2011
Imports
Intermediate Goods
Final Goods
Figure 6. Tariffs
2012
2013
FDI Inflows
2014
FDI Outflows
Figure 7. Trade costs
100
100
90
80
60
50
40
76.3
30
20
10
25.3
0
MFN
Bound
10.9
12.0
MFN
Applied
Effectively
Applied
Thailand
Asia-Pacific
Binding
Coverage
Ad valorem equivalent (%)
90
70
Rate (%)
0
Petroleum oils and
oils obtained fr; 1.3
Diodes, transistors
and similar sem; 1.5
Automatic data
processing
machines ; -1.5
Telephone sets,
including
telephone; -2.0
Parts and
accessories (other
than c; -2.2
Commodities not
specified
according; -2.7
Parts and
accessories of the
motor ; -2.9
Gold (including
gold plated with pl;
-3.2
Electronic
integrated circuits.;
-3.7
Petroleum oils and
oils obtained fr; 5.3
25
India; 2.7
Germany; -3.2
20
Figure 3. Top merchandise products
80
70
60
50
2009
Thailand
2010
2011
East Asia - 3
2012
EU-3
Sources: Trade and tariff data were accessed through WITS. FDI data was accessed through UNCTADstat.
Notes: Trade data follows the HS2007 classification. Mirror data is used. Products are defined at the 6-digit level.
Definitions: Primary, intermediate, consumer, and capital goods are defined using UNCTAD System of Accounts. Final goods are defined as the sum of
consumer and capital goods. Bound tariff is the maximum most favoured nation (MFN) tariff permitted under WTO obligations. MFN applied tariff is the
tariff applied on imports among WTO members. Effectively applied rate is the lowest tariff available, i.e. preferential rates where available.
Authors: Aman Saggu and Luca Parisotto; comments from Mia Mikic, Witada Anukoonwattaka, Rajan Ratna, and Adam Heal; contact: [email protected].