That dollar metric reflects a 21.6% advance compared to $240.1 billion during 2019.
Year over year, the overall cost of products imported into Thailand fell -4.7% from $306.3 billion in 2022.
Thai imports for 2023 represent around 1.4% of overall global imports which cost $22.432 trillion one year earlier during 2022.
Based on the average exchange rate for 2023, Thailand uses the Thai baht which depreciated by -12.1% against the US dollar since 2019 but appreciated by 0.7% from 2022 to 2023. Thailand’s weaker currency after 2019 made Thailand imports paid for in stronger US dollars relatively more expensive when starting from Thai baht.
Best Suppliers for Thailand’s Imports
The latest available country-specific data shows that 69.9% of products imported into Thailand was furnished by exporters 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 (3.5%), Philippines (2.8%) and Cambodia (2.3%).
Applying a continental lens, 75.7% of Thailand’s total imports by value in 2023 were purchased from fellow Asian countries. European trade partners supplied 9.7% of imports into Thailand while another 6.7% worth originated from North America.
Oceania (mainly Australia and New Zealand) accounted for 3% of the total. Smaller percentages came from Africa (2.8%) and Latin America (2.2%) excluding Mexico but including the Caribbean.
Given Thailand’s population of 70.2 million people, its total $292 billion in 2023 imports translates to roughly $4,150 in yearly product demand from every person in the East Asian country. That per-capita amount lags the average $4,400 one year earlier in 2022.
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Thailand’s Top 10 Imports
The following product groups represent the highest dollar value in Thailand’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Thailand.
- Electrical machinery, equipment: US$58.9 billion (20.2% of total imports)
- Mineral fuels including oil: $55.2 billion (18.9%)
- Machinery including computers: $31 billion (10.6%)
- Vehicles: $14.8 billion (5.1%)
- Gems, precious metals: $13.6 billion (4.6%)
- Iron, steel: $12.1 billion (4.2%)
- Plastics, plastic articles: $9.8 billion (3.4%)
- Articles of iron or steel: $7.9 billion (2.7%)
- Optical, technical, medical apparatus: $6.7 billion (2.3%)
- Other chemical goods: $5.9 billion (2%)
Thailand’s top 10 imports represent 73.9% of the overall value of Thai product purchases from other countries.
Among these top categories, the fastest growth products attracting Thai import purchases were vehicles (up 32% from 2022), machinery including computers (up 5.9%), then imported optical, technical and medical apparatus (up 4.3%).
The severest declines were for the gems and precious metals category (down -19.8% from 2022) propelled by lower spending on gold, and a -16.6% year-over-year reduction for Thai imports of the metals iron and steel.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
At the more granular 4-digit level, Thai importers spent the most on crude oil, electronic integrated circuits and microassemblies, petroleum gases, gold, phone devices including smartphones, automotive parts or accessories, computers, processed petroleum oils, cars, then miscellaneous items made from iron or steel. Collectively, those in-demand products generated over one-third (36.3%) of overall Thai spending on imports.
Thailand’s Best Electronics Product Imports
In 2023, Thai importers spent the most on the following 10 subcategories of electronics.
- Integrated circuits/microassemblies: US$19.7 billion (up 2.7% from 2022)
- Phone devices including smartphones: $7.2 billion (up 2.7%)
- Electrical/optical circuit boards, panels: $3.58 billion (up 68%)
- Solar power diodes/semi-conductors: $3.58 billion (up 23.7%)
- Lower-voltage switches, fuses: $2.4 billion (down -5.9%)
- Unrecorded sound media: $2.3 billion (down -24.9%)
- Electrical machinery: $2.29 billion (down -14%)
- Insulated wire/cable: $2.23 billion (down -7.9%)
- Electrical converters/power units: $2.1 billion (up 8.4%)
- Printed circuits: $2 billion (down -9.2%)
Among these import subcategories, Thai purchases of electrical or optical circuit boards and panels (up 68%), solar power diodes and semi-conductors (up 23.7%), then electrical converters and power units (up 8.4%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Thai businesses and consumers.
Thailand’s Best Mineral Fuels Imports
In 2023, Thai importers spent the most on the following 10 subcategories of mineral fuels-related items.
- Crude oil: US$34.6 billion (down -11.7% from 2022)
- Petroleum gases: $11.6 billion (down -9.4%)
- Processed petroleum oils: $4.6 billion (down -25.3%)
- Electrical energy: $2 billion (down -3.5%)
- Coal, solid fuels made from coal: $1.8 billion (down -35.2%)
- Coal tar oils (high temperature distillation): $326.2 million (down -15.6%)
- Petroleum oil residues: $242.3 million (down -3.5%)
- Petroleum jelly, mineral waxes: $55.9 million (down -14.2%)
- Coke, semi-coke: $12.8 million (down -1.2%)
- Peat: $6.8 million (down -9.1%)
Among these import subcategories, Thai purchases of coke and semi-coke (down -1.2%), petroleum oil residues (down -3.5%), then electrical energy (also down -3.5%) declined at the slowest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Thai businesses and consumers.
Thailand’s Best Machinery Imports Including Computers
In 2023, Thai importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$5.3 billion (up 49.2% from 2022)
- Computer parts, accessories: $2.4 billion (down -4.8%)
- Turbo-jets: $2.1 billion (up 73.9%)
- Air or vacuum pumps: $2 billion (down -11.3%)
- Piston engine parts: $1.5 billion (down -6.5%)
- Taps, valves, similar appliances: $1.2 billion (down -19.6%)
- Printing machinery: $1.1 billion (down -5%)
- Transmission shafts, gears, clutches: $981.8 million (down -2.3%)
- Centrifuges, filters and purifiers: $966.4 million (up 7.9%)
- Engines (diesel): $958.2 million (down -16.8%)
Among these import subcategories, Thai purchases of turbo-jets (up 73.9%), computers plus optical readers (up 49.2%), then centrifuges, filters and purifiers (up 7.9%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Thai businesses and consumers.
Thailand’s Vehicles Imports
In 2023, Thai importers spent the most on the following 10 subcategories of vehicles.
- Automobile parts/accessories: US$6.9 billion (up 1.1% from 2022)
- Cars: $4.4 billion (up 142.3%)
- Special purpose vehicles: $876.5 million (up 568.2%)
- Motorcycle parts/accessories: $842.6 million (down -16.7%)
- Motorcycles: $470.3 million (up 23.8%)
- Trucks: $360.7 million (up 43.3%)
- Tractors: $300 million (down -1.1%)
- Public-transport vehicles: $264.5 million (up 41.4%)
- Trailers: $144.9 million (up 3.5%)
- Automobile bodies: $89.2 million (down -7.5%)
Among these import subcategories, Thai purchases of special purpose vehicles (up 568.2%), cars (up 142.3%) then trucks (up 43.3%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Thai businesses and consumers.
See also Thailand’s Top Trading Partners, Thailand’s Top 10 Exports and Thailand’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 31, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 31, 2024
International Trade Centre, Trade Map. Accessed on March 31, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 31, 2024