Illustrative photo. (Source: Bloomberg) The deficit is the result of Thailand importing more goods from China than it exports. In 2023, Thailand's imports from China totalled 105 billion USD, while its exports were just 69 billion USD.
Chaichan Charoensuk, Chairman of the Shippers' Council of Thailand and the Exporters Council, said China is Thailand's largest trading partner, accounting for 22% of Thailand's total trade. Thailand imports a wide range of goods from China, including electronics, machinery, and chemicals. Thailand exports mostly agricultural products, such as rubber, rice, and seafood, to China.
The trade deficit with China is a major concern for the Thai government and it is working to reduce the deficit by promoting Thai exports to China by improving the quality of Thai products to make it easier for Thai businesses to export to China; attracting Chinese investment to Thailand by offering incentives to Chinese businesses; and negotiating free trade agreements with other countries that are not major exporters to China.
The trade deficit is also a sign of the challenges facing Thai manufacturers. As China's economy has grown, it has become a major producer of manufactured goods. This has made it more difficult for Thai businesses to compete with Chinese producers, leading to increased imports of Chinese goods./.
VNA
