Editing Economy of Thailand (section)

=={{anchor|External trade}}Foreign trade==
[[File:2006Thai exports.PNG|thumb|450px|alt=World map, showing Thai exports|Thai export destinations, 2006.]]

China has replaced the United States as Thailand's largest export market while the latter still holds its position as its second-largest supplier (after [[Japan]]). While Thailand's traditional major markets have been [[North America]], [[Japan]], and [[Europe]], economic recovery in Thailand's regional trading partners has helped Thai export growth.

As of 2022, China is Thailand's largest trading partner with 3.69 trillion baht ($106 billion) worth of trade, accounting for almost 20% of all Thai foreign trade. In 2022, China also became the largest foreign investor in Thailand, totaling 77.4 billion baht, more than Japan and USA.<ref>{{cite web | url=https://asia.nikkei.com/Economy/Thailand-hosts-giant-China-business-convention-to-lure-FDI | title=Thailand hosts giant China business convention to lure FDI }}</ref>

Recovery from financial crisis depended heavily on increased exports to the rest of [[Asia]] and the [[United States]]. Since 2005 the increase in export of automobiles from Japanese manufacturers (particularly [[Toyota]], [[Nissan]] and Isuzu) has helped improve the trade balance, with over one million cars produced annually since then. Thailand has joined the ranks of the world's top ten automobile-exporting nations.<ref>{{cite web |url=http://www.investasian.com/2013/12/11/thailand-invest-global/
|title=Country Profile: Thailand |publisher=InvestAsian |access-date=11 February 2015}}</ref>

Machinery and parts, [[vehicles]], integrated circuits, [[Chemical industry|chemicals]], [[crude oil]], fuels, [[iron]] and [[steel]] are among Thailand's principal imports. The increase in imports reflects a need to fuel production of high-tech items and vehicles.

Thailand is a member of the [[World Trade Organization]] (WTO), the Cairns Group of agricultural exporters and the [[ASEAN Free Trade Area]] (AFTA), and has pursued free-trade agreements. A China-Thailand Free Trade Agreement (FTA) began in October 2003. This agreement was limited to agricultural products, with a more comprehensive FTA planned to be signed by 2010. Thailand also has a limited free-trade agreement with India (since 2003) and a comprehensive Australia-Thailand Free Trade Agreement, which began on 1 January 2005.

Thailand began free trade negotiations with Japan in February 2004, and an in-principle agreement was agreed to in September 2005. Negotiations for a US-Thailand free trade agreement have been underway, with a fifth round of meetings held in November 2005.

Several industries are restricted to foreign investment by the 1999 Foreign Business Act. These industries include media, agriculture, distribution of land, professional services, tourism, hotels, and construction. Share ownership of companies engaged in these activities must be limited to a 49 percent minority stake. The 1966 US-Thailand Treaty of Amity and Economic Relations provides exemption of these restrictions for shareholders with United States citizenship.<ref>Thailand Company Formation [http://www.healyconsultants.com/company-incorporation/ThailandCompanyFormationandIncorporation.html  Healy Consultants] 3 September 2013</ref>

The [[Bangkok]] area is one of the most prosperous parts of Thailand and heavily dominates the national economy, with the infertile northeast being the poorest. A concern of successive Thai governments, and a focus of the recently ousted Thaksin government, has been to reduce the regional disparities which have been exacerbated by rapid economic growth in Bangkok and financial crisis.

Although little economic investment reaches other parts of the country except for tourist zones, the government has stimulated provincial economic growth in the [[Eastern seaboard of Thailand|eastern seaboard]] and the [[Chiang Mai]] area. Despite talk of other regional development, these three regions and other tourist zones still dominate the national economy.

Although some US rights holders report good cooperation with Thai enforcement authorities (including the Royal Thai Police and Royal Thai Customs), Thailand remained on the [[Office of the United States Trade Representative|priority watch list]] in 2012. The United States is encouraged that Thailand's government has affirmed its commitment to improving IPR protection and enforcement, but more must be done for Thailand to be removed from the list.<ref>{{cite web |url = http://thailand-business-news.com/united-states/37947-us-keeps-thailand-in-piracy-list-but-focus-on-china |title = US Keeps Thailand In Piracy List, But Focus On China |archive-url=https://web.archive.org/web/20120509184656/http://thailand-business-news.com/united-states/37947-us-keeps-thailand-in-piracy-list-but-focus-on-china |archive-date=9 May 2012 |url-status=dead}}</ref>

Although the economy has grown moderately since 1999, future performance depends on continued reform of the financial sector, corporate-debt restructuring, attracting [[foreign direct investment|foreign investment]] and increasing exports. [[Telecommunications]], roads, [[electricity]] generation and ports showed increasing strain during the period of sustained economic growth. Thailand is experiencing a growing shortage of engineers and skilled technical personnel.

=== Major Trade Partners ===
The following table shows the largest trading partners for Thailand in 2021 by total trade value in billions of [[USD]].<ref>{{Cite web |title=Thailand - Trading Partners and Trade Balances 2021 |url=https://maxinomics.com/thailand/all-trade-partners |access-date=2022-12-21 |website=maxinomics.com |language=en}}</ref>

{| class="wikitable sortable" style=text-align:right
!Country
!Total Trade Value
!Import Value
!Export Value
!Balance
|-
| style="text-align:left;"|{{flag|China}}
|128.24
|66.43
|61.82
| -4.61
|-
| style="text-align:left;"|{{flag|United States}}
|65
|14.58
|50.43
|35.85
|-
| style="text-align:left;"|{{flag|Japan}}
|61.92
|35.57
|26.35
| -9.22
|-
| style="text-align:left;"|{{flag|Malaysia}}
|23.05
|12.05
|11
| -1.05
|-
| style="text-align:left;"|{{flag|Australia}}
|17.99
|6.42
|11.57
|5.15
|-
| style="text-align:left;"|{{flag|Indonesia}}
|17.37
|8.22
|9.15
|0.93
|-
| style="text-align:left;"|{{flag|Singapore}}
|17.15
|7.34
|9.81
|2.46
|-
| style="text-align:left;"|{{flag|South Korea}}
|16.9
|9.9
|7.01
| -2.89
|-
| style="text-align:left;"|{{flag|Hong Kong}}
|16.51
|2.84
|13.67
|10.84
|-
| style="text-align:left;"|{{flag|India}}
|15.08
|6.41
|8.67
|2.26
|}