Trading Partner Portal: Thailand
Overview
Trade Overview
Thailand is located in the lush lower Mekong river sub Basin of South East Asia with an estimated standing population of over 70.2 million people.
Thailand’s economy has generally grown within the last decade, averaging above four percent per year from 2000-2007. Though affected by the financial crisis, Thailand’s economy greatly rebounded in 2010 with a growth of 7.8%. Due to unexpected environmental disasters in Thailand’s northern region, their 2011 growth rate was severely affected however. While Thailand’s economy temporarily rebounded in 2012, it contracted slightly in 2013 with a growth rate of 2.9%, becoming stagnant with a 1% in 2014, and then began to grow again steadily with a growth rate of of 3.2% for 2016. The growth rate in 2017 was 3.9% in 2017, 4.1% in 2018, 2.35% in 2019. In 2020, Thailand’s growth rate was greatly affected by the COVID-19 pandemic. CIA Factbook
U.S. – Thailand Trade
The United States imported approximately $56.37 billion from Thailand in 2023, with computer and electronic products accounting for over $25.57 billion of the total. Other top imports included electrical equipment, appliances, and components ($4.7 billion), plastics and rubber products ($4.36 billion), non-electrical machinery ($4.1 billion), and processed foods ($3.54 billion). Thailand ranked 14th among world export partners for the U.S.
That same year, the U.S. exported $15.65 billion to Thailand, ranking 25th in export markets for the U.S. Top products included computer and electronic products ($3.2 billion), oil & gas ($2.62 billion), transportation equipment ($1.59 billion), chemicals ($1.5 billion), and waste and scrap ($1.34 billion).
California – Thailand Trade
In 2023, California exported $1.86 billion to Thailand. California’s main exports include but are not limited to, computer and electronics ($471 million), waste and scrap ($442 million), miscellaneous manufactures ($224 million), fabricated metals products ($130 million), and chemicals ($115 million). U.S. Department of Commerce
In 2023, California imported over $13.67 billion. Our main imports were computer and electronics products ($6.43 billion), processed foods ($1.4 billion), plastic and rubber products ($1.14 billion), electrical appliances, equipment and components ($1.13 billion), and transportation equipment ($620 million). U.S. Department of Commerce
FDI – Thailand
Thai FDI in the U.S. totaled $2.1 billion in 2023, while U.S. FDI in Thailand totaled $15.1 billion. Thai FDI supported 25,000-49,000 jobs in the U.S. in 2021, with Thai investments contributing $260 million towards expanding U.S. exports and $6 million in innovative research and development. The top industry sectors for Thai FDI in the U.S. are plastics, chemicals, software and IT services, food and beverages, auto components, and coal, oil & gas. Select USA
More Articles:
United States and Thailand Reaffirm Commitment to Expand Trade and Investment Ties
USTR, April 20, 2016
Thailand and California
According to the Thai American Chamber of Commerce in California, California is home to some 200,000 Thais, the largest Thai population outside of Thailand.
California is home to many Thai businesses, among them Thai Airways, Kasikorn Bank (Thailand’s second largest commercial bank), Krung Thai Bank and Chang Beer. Apart from the influence of these larger companies, aspects of Thai culture have found niche markets in America, from Spa and Massage services; Buddhist influenced beauty and health programs, and Thai boxing clubs. However, perhaps most famous in California is their food business. Los Angeles alone is home to about 700 Thai restaurants
Thai Town
Los Angeles is home to the only Thai Town in the world, having occupied a section of East Hollywood since 1999. Thai town is operated by the Thai Community Development Center, a non-profit organization created in 1994 with the expressed goals of creating “a thriving community by creating businesses and jobs, developing decent and affordable housing, and revitalizing public space”.
THAI Town in Los Angeles
Multi-Lateral Cooperation
Thailand’s Multi-Lateral Cooperation
Thailand is a member of several multi-lateral organizations which have increased Thailand’s presence both in the region and globally. They are currently a member of the Association of South East Asian Nations (ASEAN), Asia Pacific Economic Cooperation (APEC), the World Trade Organization (WTO), The Mekong River Commission, and the Greater Mekong Sub Region (an IGO created through the Asian Development Bank).
Through these organizations and bi-lateral relations with the United States, there has been increased development in Thailand’s infrastructure, as well as environmental impact analysis and studies for continued economic growth. The United States also pledged $187 million for the Lower Mekong Initiative, which “has the stated aim of improving education, health, infrastructure, and the environment in the region”. (Lee, John. “China’s Water Grab.” Foreign Policy)
The initiative was negotiated by U.S. Secretary of State Hilary Clinton, and the foreign ministers of Cambodia, Laos, Thailand, and Vietnam. U.S. State Department
Regional Comprehensive Economic Partnership (RCEP)
After 8 years of negotiations, the Regional Comprehensive Economic Partnership (RCEP) was signed on November 15, 2020. The RCEP is a free trade agreement (FTA) with 10 Association of Southeast Asian Nations (ASEAN) member states—Brunei, Burma (Myanmar), Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam—and the five states with which ASEAN has existing FTAs—Australia, China, Japan, South Korea and New Zealand.
Please see the CalChamber’s RCEP page for more info.
RCEP – Association of Southeast Asian Nations
Text of the Regional Comprehensive Economic Partnership Agreement
Event
Thai Delegation Visits CalChamber
(May 22, 2012) A delegation, consisting of representatives of the Thai government and members of the Thai American Chamber of Commerce in California visited the CalChamber offices to discuss trade promotion.
