Trade relations between Vietnam and Thailand have experienced significant growth in recent years, reflecting the strengthening economic ties between the two nations.
Trade Volume: In 2022, the total trade turnover between Vietnam and Thailand reached approximately $21.6 billion.
VIETNAM BRIEFING
Vietnam’s Exports to Thailand: Vietnam exported goods worth $7.35 billion to Thailand in 2022. The primary export categories included:
Electrical and electronic equipment: $2.34 billion
Mineral fuels and oils: $791.4 million
Vehicles other than railway or tramway: $461.46 million
Machinery and nuclear reactors: $377.26 million
Iron and steel: $299.2 million
TRADING ECONOMICS
Thailand’s Exports to Vietnam: Thailand’s exports to Vietnam amounted to $13.12 billion in 2022. Key export products were:
Vehicles other than railway or tramway: $1.9 billion
Machinery and nuclear reactors: $1.53 billion
Electrical and electronic equipment: $1.52 billion
Mineral fuels and oils: $1.38 billion
Plastics: $1.21 billion
TRADING ECONOMICS
Trade Balance: The trade balance in 2022 favored Thailand, with a surplus of approximately $5.77 billion. This indicates that Thailand exported more to Vietnam than it imported from the country.
Regional Trade Agreements: Both countries are members of the Regional Comprehensive Economic Partnership (RCEP), which came into effect on January 1, 2022. This agreement aims to reduce tariffs and facilitate trade among member countries, potentially boosting trade between Vietnam and Thailand.
VIETNAM BRIEFING
The robust trade relations between Vietnam and Thailand underscore their mutual economic interests and the potential for further collaboration in various sectors.
With both Vietnam and Thailand committed to increasing bilateral trade to $25 billion by 2025, the future looks promising for further cooperation. By leveraging regional agreements and enhancing infrastructure, the two nations can unlock even greater economic potential.
Source: Internet
