Exporting

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A unified Thai kingdom was established in the mid-14th century. Known as Siam until 1939, Thailand is the only Southeast Asian country never to have been colonized by a European power. A bloodless revolution in 1932 led to the establishment of a constitutional monarchy. In alliance with Japan during World War II, Thailand became a US treaty ally in 1954 after sending troops to Korea and later fighting alongside the US in Vietnam. Thailand since 2005 has experienced several rounds of political turmoil including a military coup in 2006 that ousted then Prime Minister THAKSIN Chinnawat, followed by large-scale street protests by competing political factions in 2008, 2009, and 2010. THAKSIN's youngest sister, YINGLAK Chinnawat, in 2011 led the Puea Thai Party to an electoral win and assumed control of the government. A blanket amnesty bill for individuals involved in street protests, altered at the last minute to include all political crimes - including all convictions against THAKSIN - triggered months of large-scale anti-government protests in Bangkok beginning in November 2013.

Location

Southeastern Asia, bordering the Andaman Sea and the Gulf of Thailand, southeast of Burma

Natural Resources

tin, rubber, natural gas, tungsten, tantalum, timber, lead, fish, gypsum, lignite, fluorite, arable land

Population - distribution

highest population density is found in and around Bangkok; significant population clusters found throughout large parts of the country, particularly north and northeast of Bangkok and in the extreme southern region of the country

67089500
Thai (official) 90.7%, Burmese 1.3%, other 8%
BANGKOK (capital) 9.27 million; Samut Prakan 1.814 million (2015)
Conventional long form
Kingdom of Thailand
Conventional short form
Thailand
Local long form
Ratcha Anachak Thai
Local short form
Prathet Thai
constitutional monarchy; note - interim military-affiliated government since May 2014
Name
Bangkok
Geographic coordinates
13 45 N, 100 31 E
Time difference
UTC+7 (12 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Inflation
0.188%
External debt stocks
US$ 129,654,081,000
Total tax rate (% of commercial profits)
32.6%
Real Interest Rate
4.49%
Manufacturing, value added (% of GDP)
27.425%
Current Account Balance
US$ 32,149,025,661
Labor Force, Total
40,381,693
Employment in Agriculture
32.28%
Employment in Industry
23.68%
Employment in Services
43.87%
Unemployment Rate
0.63%
Imports of goods and services
US$ 220,487,308,063
Exports of goods and services
US$ 280,433,423,990
Total Merchandise Trade
100.78%
FDI, net inflows
US$ 9,003,516,296
Commercial Service Exports
US$ 61,394,965,084
rice, cassava (manioc, tapioca), rubber, corn, sugarcane, coconuts, palm oil, pineapple, livestock, fish products
tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry and electric appliances, computers and parts, integrated circuits, furniture, plastics, automobiles and automotive parts, agricultural machinery, air conditioning and refrigeration, ceramics, aluminum, chemical, environmental management, glass, granite and marble, leather, machinery and metal work, petrochemical, petroleum refining, pharmaceuticals, printing, pulp and paper, rubber, sugar, rice, fishing, cassava, world's second-largest tungsten producer and third-largest tin producer
Commodities
automobiles and parts, computer and parts, jewelry and precious stones, polymers of ethylene in primary forms, refine fuels, electronic integrated circuits, chemical products, rice, fish products, rubber products, sugar, cassava, poultry, machinery and parts, iron and steel and their products
Partners
US 11.2%, China 11.1%, Japan 9.4%, Hong Kong 5.5%, Malaysia 4.8%, Australia 4.6%, Vietnam 4.2%, Singapore 4.1% (2015)
Commodities
machinery and parts, crude oil, electrical machinery and parts, chemicals, iron & steel and product, electronic integrated circuit, automobile’s parts, jewelry including silver bars and gold, computers and parts, electrical household appliances, soybean, soybean meal, wheat, cotton, dairy products
Partners
China 20.3%, Japan 15.4%, US 6.9%, Malaysia 5.9%, UAE 4% (2015)
Country Risk Rating
A4
A somewhat shaky political and economic outlook and a relatively volatile business environment can affect corporate payment behavior. Corporate default probability is still acceptable on average.
Business Climate Rating
A4
The business environment is acceptable. Corporate financial information is sometimes neither readily available nor sufficiently reliable. Debt collection is not always efficient and the institutional framework has shortcomings. Intercompany transactions may thus run into appreciable difficulties in the acceptable but occasionally unstable environments rated A4.
  • Diversified and efficient agricultural and industrial production
  • Regional hub open to its dynamic neighbors
  • Banking system becoming stronger
  • Recurring political instability since 2006
  • Foreign trade dependent on the Chinese economy
  • Business climate marked by lasting links between the private sector and politicians
  • High household debt

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