Thailand
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP (USD) 346 bn Goods Exports 219
GDP per capita (USD) 4,972 Imports 202
GDP volume growth (year-on-year) + 0.1% Net + 17
Population 69.52m Services Exports 42
MMR (year average) 2.80% Imports 52
Exchange rate THB / USD (year average) 30.492 Net – 10
BoP (goods, services & income) as % of GDP – 1.4% Source: IFS, IMF, January 2013International/regional memberships
Asia-Pacific Economic Cooperation
(APEC): since 6–7 November 1989.
Association of Southeast Asian Nations
(ASEAN): founding member since
8 August 1967.
International Monetary Fund (IMF):
since 31 August 1951.
World Trade Organization (WTO):
since 1 January 1995.
Government trade policy
Thailand pursues many of its trade
objectives through its membership of ASEAN
(www.aseansec.org).
As a member of ASEAN, Thailand is
committed to the ASEAN Free Trade Area
(AFTA) Common Effective Preferential Tariff
(CEPT) scheme. This lowers all intra-regional
tariffs on trade between Thailand and other
ASEAN member states (Brunei Darussalam,
Cambodia, Indonesia, Laos, Malaysia,
Myanmar, Philippines, Singapore and
Vietnam) to between zero and 5 percent.
ASEAN member states have a number of
free trade agreements (FTAs) with regional
economies, such as South Korea, China,
Japan, India, and Australia and New
Zealand. ASEAN is also in negotiations for
an FTA with the EU.
National export credit insurance provider:
Export-Import Bank of Thailand (EXIM
Thailand — http://www.exim.go.th).
Thailand operates a number of General
Industrial Zones (GIZs) and ten Export
Processing Zones (EPZs). Firms located
in GIZs and EPZs benefit from deductions
or exemption from some import duties and
corporate taxes, permission to use foreign
staff, and faster clearance of goods.Currency and exchange controls
Official currency: Thai baht (THB).
Exchange rate arrangement: floating.
Thailand does impose some foreign exchange
controls, which are administered by the Bank of
Thailand (BOT — http://www.bot.or.th)) on behalf of the
Ministry of Finance (www.mof.go.th).
It is prohibited to export notes and coins with a
value in excess of THB 50,000 (THB 500,000
to Vietnam and bordering countries).
The import or export of gold ornaments with
a value in excess of USD 20,000 must be
declared to the customs authorities
(www.customs.go.th).
Forward foreign exchange rates are available.
THB liquidity provided to non-residents without
a domestic trade and investment by financial
institutions are limited to THB 300 million.
The limit on THB borrowing by residents from
non-residents is THB 10 million.
The proceeds of exports in excess of
USD 50,000 must be repatriated by resident
entities within 360 days of the date of export
and immediately after receipt of payment.
Resident entities must file a foreign
exchange transaction form for proceeds from
invisible exports or current transfers.