Thursday, May 15, 2014

Thailand: Update--Thai Economy Loses Significant Market Share During 2007-2013

According to, the Thai Chamber of Commerce has stated that Thailand lost out on 1.8 billion baht (US$535,000) of likely exports to other ASEAN countries in the past six years. 

Asst. Prof. Dr. Aat Pisanwanich, the Director of the University of the Thai Chamber of Commerce's (UTCC) Center for International Trade Studies, has evaluated Thailand’s competitive potential in ASEAN from 2007-2013 and noted that Thailand has lost export revenue in three regional markets including China, South Korea, and Japan, as well as the ASEAN market, including Laos, Myanmar, and Vietnam. 

COMMENT: The Thai economy has particularly declined since November 2013, after months of violent protests that culminated most recently in the ouster of former Prime Minister Yingluck Shinawantra, 46, who was recently removed from office by the country's Constitutional Court.

Worse, it is predicted that in the future Thailand will lose more revenue to ASEAN nations.

The eight products that are key to exports for Thailand include rice, rubber, crude palm oil, vehicles and components, wood products, textiles, electricity, rubber and rubber products. 

Rice, crude palm oil and clothes have a lower competitive potential, while wood products and electricity are moderate, and rubber and rubber products, vehicles and components have greater competitive potential.