Thailand is one of the fastest growing economies in Asia.
Thailand has indeed come a long way most especially in its export aspect. In fact, Thailand is considered as one of the world’s largest producer of rice. Aside from Vietnam and Japan, Thailand caters to most of the rice demand worldwide. Since Thailand is an agricultural nation, most of the products that it exports are agricultural products. However, for the past years, Thailand shifted to manufacturing such that the products that it exports to other countries now include garments, textiles, jewelry, computer and components, integrated circuits, plastic products, toys, automobiles, and electrical appliances. The list just seems to go on. Indeed, Thailand has established itself in the world wide market.
On the other hand, there are also a number of commodities that Thailand is short of. Thus, Thailand relies on imports for these commodities. While Thailand has been closely linking with its neighboring Asian countries, there are some imports from the United States and Europe as well, with the United States as their number one importer.
Basically, the main imports from the United States include computer accessories, petroleum products, telecommunications equipment, semiconductors, industrial machines, plastic materials, measuring, testing and control instruments, and certain chemicals. The United States alone allocate around $8 million dollars of imported products to Thailand.
Today, Thailand functions as the anchor economy for its neighboring countries such as Burma, Laos, and Cambodia. It is certainly worth knowing that after the economic fall down of Thailand in 1998, this nation was able to recover because of its exports. This certainly proves that exports boost up a country’s economy for as long as proper measures are geared toward its realization.
The automobile industry is perhaps one of the economic boosters of Thailand. In fact, Thailand has been the center of automobile manufacturing for the South East Asian Nation market. One thing leads to another as another industrial venture is opened because of the expansion of the automobile industry in Thailand. This industry is steel industry production which supports the demands of its automobile industries.
Thailand has indeed placed itself in the global map with regard to exports. With this, Thailand is regarded as the number one exporter of rice, chilled fish and prawns, and rubber. Moreover, it is also the world’s third largest exporter of integrated circuits and hard disks. Correspondingly, Thailand is also the largest exporter of canned products such as tuna and pineapple. Furthermore, it is also the largest exporter of precious stones. Finally, Thailand ranks second largest exporter of tapioca products and sugar.