That dollar amount results from a 14% gain compared to $245.4 billion five years earlier for 2019.
Year over year, the overall value of Thai exports decreased by -1.5% compared to $284.1 billion in 2022.
Based on the average exchange rate for 2023, Thailand uses the Thai baht which shrank by -12.1% against the US dollar since 2019 but strengthened by 0.7% from 2022 to 2023. Thailand’s weaker currency since 2019 made Thailand’s exports paid for in stronger US dollars relatively less expensive for international buyers.
Thailand’s 5 biggest export products by value in 2023 were cars, computers, electronic integrated circuits or microassemblies, refined petroleum oils, and automobile parts or accessories. In aggregate, that quintet of major exports accounted for 17.5% of overall exports sales from Thailand. That relatively low percentage suggests a diversified range of exported goods.
Thailand ranks among the top countries for exports of computers and gold.
Geographic Insights about Thailand’s Exports
The latest available country-specific data shows that 69.9% of products exported from Thailand were bought by importers in: United States of America (17.1% of Thailand’s total), mainland China (12.1%), Japan (8.7%), Australia (4.24%), Malaysia (4.17%), Vietnam (3.94%), Hong Kong (3.9%), Singapore (3.6%), India (3.58%), Indonesia (3.54%), Philippines (2.8%) and Cambodia (2.3%).
From a continental perspective, 60.6% of Thailand’s exports by value was delivered to fellow Asian countries while 19% was sold to North American importers. Thailand shipped another 11.1% worth of goods to buyers in Europe.
Smaller percentages went to Oceania (4.9%) led by Australia and New Zealand, Africa (2.4%), then Latin America (2%) excluding Mexico but including the Caribbean.
Given Thailand’s population of about 70.2 million people, its total $279.8 billion in 2023 exports translates to about $4,000 for every resident in the East Asian country. That per-capita dollar amount lags the average $4,050 one year earlier in 2022.
Thailand’s Top 10 Exports
The following export product groups represent the highest dollar value in Thai global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Thailand.
- Electrical machinery, equipment: US$49.5 billion (17.7% of total exports)
- Machinery including computers: $40.4 billion (14.4%)
- Vehicles: $33.4 billion (12%)
- Rubber, rubber articles: $16.7 billion (6%)
- Gems, precious metals: $14.5 billion (5.2%)
- Plastics, plastic articles: $13 billion (4.6%)
- Mineral fuels including oil: $10.9 billion (3.9%)
- Fruits, nuts: $6.9 billion (2.5%)
- Meat/seafood preparations: $6.4 billion (2.3%)
- Articles of iron or steel: $5.5 billion (2%)
Thailand’s top 10 exports accounted for 70.5% of the overall value of global Thai shipments.
Fruits and nuts was the fastest grower among the top 10 export categories, up by 21.9% since 2022.
In second place for improving export sales was articles made from iron or steel via a 9.7% upturn.
Thailand’s shipments of electrical machinery and equipment posted the third-fastest gain in value, up by 8.6%.
The leading decliner among Thailand’s top 10 export categories was plastics both as materials and items made from plastic. That product category dropped -13.9% year over year.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section below.
Searchable List of Thailand’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Thailand during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Thai Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Computers, optical readers | $12,745,778,000 | -10.4% |
| 2 | Cars | $11,024,926,000 | +3.5% |
| 3 | Integrated circuits/microassemblies | $9,229,571,000 | +10.1% |
| 4 | Processed petroleum oils | $8,856,368,000 | +13.3% |
| 5 | Automobile parts/accessories | $8,415,858,000 | -2.9% |
| 6 | Phone devices including smartphones | $7,399,578,000 | +42.6% |
| 7 | Trucks | $7,358,294,000 | -8.8% |
| 8 | Air conditioners | $6,973,190,000 | +9.6% |
| 9 | Gold (unwrought) | $6,909,042,000 | +79.4% |
| 10 | Rubber tires (new) | $6,637,522,000 | +5.6% |
| 11 | Natural rubber | $5,100,805,000 | -7.4% |
| 12 | Jewelry | $4,039,744,000 | +20.7% |
| 13 | Ethylene polymers | $3,964,366,000 | +0.3% |
| 14 | Rice | $3,940,781,000 | +17.6% |
| 15 | Miscellaneous fruits (fresh) | $3,764,099,000 | -11.6% |
| 16 | Printing machinery | $3,550,198,000 | +9.7% |
| 17 | Solar power diodes/semi-conductors | $3,389,780,000 | +27.4% |
| 18 | Electrical converters/power units | $3,234,220,000 | +33.6% |
| 19 | Miscellaneous meat (preserved/prepared) | $3,075,740,000 | +23.4% |
| 20 | Sugar (cane or beet) | $3,069,910,000 | +102.5% |
| 21 | Synthetic rubber | $3,005,015,000 | +30% |
| 22 | Fish, caviar (preserved/prepared) | $2,988,233,000 | +14.5% |
| 23 | Motorcycles | $2,974,139,000 | +3.3% |
| 24 | Polyacetal/ether/carbonates | $2,832,165,000 | -4% |
| 25 | Miscellaneous animal feed preparations | $2,803,995,000 | +16% |
| 26 | Electrical/optical circuit boards, panels | $2,486,266,000 | +10.1% |
| 27 | TV receiver/transmit/digital cameras | $2,264,158,000 | +36% |
| 28 | Computer parts, accessories | $2,238,479,000 | -12.5% |
| 29 | Refrigerators, freezers | $2,197,206,000 | -6.8% |
| 30 | Air or vacuum pumps | $2,174,324,000 | +1.9% |
| 31 | Starches, inulin | $1,783,262,000 | +7.8% |
| 32 | Diamonds (unmounted/unset) | $1,761,281,000 | +41.4% |
| 33 | Lower-voltage switches, fuses | $1,715,772,000 | -9% |
| 34 | Insulated wire/cable | $1,709,923,000 | -3% |
| 35 | Aircraft, spacecraft | $1,639,119,000 | +60.6% |
| 36 | Electrical machinery | $1,633,862,000 | +12.4% |
| 37 | Engines (diesel) | $1,621,010,000 | -3.5% |
| 38 | Clothing, accessories (vulcanized rubber) | $1,548,233,000 | -49.4% |
| 39 | Non-alcoholic drinks (not water/juice/milk) | $1,521,470,000 | -2.1% |
| 40 | Manioc, artichokes, sweet potatoes | $1,509,906,000 | +18% |
| 41 | Plastic packing goods, lids, caps | $1,477,417,000 | +6.5% |
| 42 | Other food preparations | $1,466,394,000 | +8.7% |
| 43 | Printed circuits | $1,464,328,000 | -10% |
| 44 | Electric water heaters, hair dryers | $1,390,101,000 | +13.3% |
| 45 | TV receivers/monitors/projectors | $1,365,375,000 | -8.3% |
| 46 | Piston engines | $1,356,840,000 | +26.2% |
| 47 | Palm oil | $1,273,431,000 | +78.5% |
| 48 | Propylene/olefin polymers | $1,245,358,000 | -19.5% |
| 49 | Miscellaneous iron or steel items | $1,236,928,000 | -2.2% |
| 50 | Piston engine parts | $1,219,002,000 | -12.8% |
| 51 | Precious/semi-precious stones (unstrung) | $1,165,212,000 | +70.8% |
| 52 | Poultry meat | $1,158,592,000 | +26.6% |
| 53 | Plastic plates, sheets, film, tape, strips | $1,084,486,000 | +4.4% |
| 54 | Copper waste, scrap | $1,078,075,000 | +6.9% |
| 55 | Washing machines | $1,073,450,000 | -12.3% |
| 56 | Optical fiber cables, sheets, plates | $1,056,593,000 | -4.9% |
| 57 | Miscellaneous plastic items | $1,042,398,000 | -1.9% |
| 58 | Miscellaneous preserved fruits | $1,027,405,000 | +4.6% |
| 59 | Heavy machinery (bulldozers, excavators) | $1,027,135,000 | +52.2% |
| 60 | Sawn wood | $1,001,667,000 | -5.48% |
| 61 | TV/radio/radar device parts | $961,343,000 | +2% |
| 62 | Aluminum plates, sheets, strips | $952,540,000 | +16.1% |
| 63 | Modified starches, dextrins | $952,033,000 | +12.6% |
| 64 | Cyclic hydrocarbons | $946,558,000 | -29.4% |
| 65 | Coal tar oils (high temperature distillation) | $934,908,000 | +19.2% |
| 66 | Polycarboxylic acids | $931,694,000 | +24.5% |
| 67 | Mixed condiments, sauces, seasonings | $907,229,000 | -2.8% |
| 68 | Centrifuges, filters and purifiers | $868,380,000 | -0.2% |
| 69 | Copper wire | $860,421,000 | +1.1% |
| 70 | Electric motors, generators | $857,836,000 | -0.9% |
| 71 | Lignite fiberboard including wood | $844,065,000 | -0.7% |
| 72 | Crustaceans (including lobsters) | $825,946,000 | -7.8% |
| 73 | Crustaceans, molluscs (preserved/prepared) | $811,096,000 | -1.9% |
| 74 | Taps, valves, similar appliances | $806,870,000 | -4% |
| 75 | Electro-medical equip (e.g. xrays) | $799,859,000 | +18.3% |
| 76 | Vulcanized rubber items | $798,529,000 | +2.9% |
| 77 | Motorcycle parts/accessories | $776,360,000 | -2.5% |
| 78 | Microphones/headphones/amps | $761,014,000 | +28.2% |
| 79 | Liquid pumps and elevators | $733,360,000 | -8.4% |
| 80 | Seats (excluding barber/dentist chairs) | $731,265,000 | -3.5% |
| 81 | Fruit and vegetable juices | $724,504,000 | +14.6% |
| 82 | Miscellaneous furniture | $718,590,000 | -3% |
| 83 | Vinyl chloride polymers | $714,889,000 | -1.1% |
| 84 | Hair preparations | $708,480,000 | -1.6% |
| 85 | Miscellaneous iron and steel structures | $701,646,000 | +8.8% |
| 86 | Initiators/accelerators, catalytic preps | $679,252,000 | -10.9% |
| 87 | Beauty/makeup/skin care preparations | $673,809,000 | +9.2% |
| 88 | Ball, roller bearings | $666,739,000 | +0.4% |
| 89 | Iron and steel screws, bolts, nuts, washers | $665,610,000 | +11.6% |
| 90 | Copper tubes, pipes | $663,149,000 | +4.6% |
| 91 | Electrical lighting/signaling equpment, defrosters | $662,875,000 | +1.2% |
| 92 | Pasta, couscous | $661,472,000 | +4.7% |
| 93 | Electric ignition/start equipment | $595,316,000 | -0.7% |
| 94 | Chemical industry products/residuals | $589,510,000 | +30.6% |
| 95 | Aluminum foil (thin) | $585,697,000 | +40.4% |
| 96 | Regulate/control instruments | $582,721,000 | +7.1% |
| 97 | Bread, biscuits, cakes, pastries | $566,937,000 | +9% |
| 98 | Dates/figs/pineapples/mangoes/avocadoes/guavas | $546,595,000 | -19.6% |
| 99 | Sports equipment | $541,675,000 | +13.7% |
| 100 | Cases, handbags, wallets | $538,761,000 | +63.5% |
These 100 exported goods were worth a subtotal of US$214.6 billion or over three-quarters (76.7%) by value for all products exported from Thailand during 2023.
Major Products Generating Highest Surpluses for Thailand
The following types of Thai product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Vehicles: US$18.7 billion (Down by -7.6% since 2022)
- Rubber, rubber articles: $13.9 billion (Down by -12%)
- Machinery including computers: $9.3 billion (Down by -36.3%)
- Meat/seafood preparations: $6 billion (Down by -8.6%)
- Fruits, nuts: $5.6 billion (Up by 28.4%)
- Sugar, sugar confectionery: $4 billion (Up by 18.9%)
- Cereals: $3.2 billion (Up by 10.5%)
- Plastics, plastic articles: $3.2 billion (Down by -24.2%)
- Wood: $2.8 billion (Up by 18.5%)
- Vegetable/fruit/nut preparations: $1.9 billion (Down by -5.8%)
Thailand has highly positive net exports in the international trade of automobiles featuring cars and trucks creating larger surpluses than auto parts and motorcycles. These cashflows indicate Thailand’s strong competitive advantages under the product category labeled vehicles.
Major Products Causing Greatest Deficits for Thailand
Thailand incurred an overall -US$12.2 billion trade deficit for 2023, reducing by -44.8% from the -$22.2 billion deficit during 2022.
Below are exports from Thailand that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Thailand’s goods trail Thai importer spending on foreign products.
- Mineral fuels including oil: -US$44.2 billion (Down by -15.8% since 2022)
- Iron, steel: -$10.7 billion (Down by -15%)
- Electrical machinery, equipment: -$9.4 billion (Down by -22.9%)
- Other chemical goods: -$3.9 billion (Down by -14%)
- Pharmaceuticals: -$2.5 billion (Down by -12.3%)
- Articles of iron or steel: -$2.4 billion (Down by -18.8%)
- Fish: -$2.09 billion (Down by -8.4%)
- Oil seeds: -$2.08 billion (Up by 2.5%)
- Fertilizers: -$2 billion (Down by -28.6%)
- Aluminum: -$1.9 billion (Down by -24.4%)
Thailand has highly negative net exports and therefore deep international trade deficits for the mineral fuels category. Under that category, Thailand’s greatest trade shortfalls arise from crude oil, petroleum gases and coal.
These cashflow deficiencies clearly indicate Thailand’s competitive disadvantages in the international fossil fuel market, but also represent key opportunities for Thailand to improve its position in the global economy through focused innovations in alternative energy sources.
Thailand’s Main Export Companies
Fifteen Thai corporations rank among Forbes Global 2000. Below is a sample of the major companies headquartered in Thailand that Forbes included.
- PTT Global Chemical (diversified chemicals)
- PTT PCL (energy)
- Siam Cement (specialized chemicals)
- Thai Beverage (beverages)
- Thai Oil (oil, gas)
- Total Access Communication (telecommunications)
According to global trade intelligence firm Zepol, the following companies are examples of smaller Thai exporters.
- British Millerain Thailand (textile fabrics, vulcanized rubber, coconut yarn)
- Dana Spicer Thailand (automotive parts, latex, rubber transmission belts)
- Dole Thailand (pineapples, plastic boxes/cases, fruit mixtures)
- Minson Enterprises Thailand (footwear, skates, sporting equipment)
- Thai Agri Foods Public (non-alcoholic beverages, nuts, fruit/vegetable juices)
In macroeconomic terms, Thailand’s total exported goods represent 17.7% of its overall Gross Domestic Product for 2023 ($1.578 trillion valued in Purchasing Power Parity US dollars). That 17.7% for exports to overall GDP per PPP in 2023 compares to 19.2% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Thailand’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Thailand’s unemployment rate averaged 1.3% for 2023, up from an average 1.2% in 2022 according to metrics from the International Monetary Fund.
See also Thailand’s Top 10 Imports, Thailand’s Top 10 Major Export Companies, Thailand’s Top Trading Partners and Top Asian Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 19, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 19, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 19, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 19, 2024
International Trade Centre, Trade Map. Accessed on March 19, 2024
Investopedia, Net Exports Definition. Accessed on March 19, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 19, 2024
Wikipedia, Gross domestic product. Accessed on March 19, 2024
Wikipedia, List of Companies of Thailand. Accessed on March 19, 2024
Wikipedia, Purchasing power parity. Accessed on March 19, 2024
Zepol’scompany summary highlights by country. Accessed on March 19, 2024