Thailand is an important trading partner and ally of the United States, dating back to the establishment of diplomatic ties in 1833 through the Treaty of Amity and Commerce. The United States and Thailand meet regularly under the auspices of our 2002 bilateral Trade and Investment Framework Agreement (TIFA) to discuss ways to expand trade and address outstanding issues, including related to intellectual property, customs, and agriculture, and other issues.
In 2019, Thailand GDP was an estimated $529.2 billion (current market exchange rates); real GDP was up by an estimated 2.4%; and the population was 68 million. (Source: IMF)
U.S. goods and services trade with Thailand totaled an estimated $52.7 billion in 2019. Exports were $16.7 billion; imports were $36.0 billion. The U.S. goods and services trade deficit with Thailand was $19.3 billion in 2019.
Thailand is currently our 20th largest goods trading partner with $46.7 billion in total (two way) goods trade during 2019. Goods exports totaled $13.3 billion; goods imports totaled $33.4 billion. The U.S. goods trade deficit with Thailand was $20.1 billion in 2019.
Trade in services with Thailand (exports and imports) totaled an estimated $5.9 billion in 2019. Services exports were $3.4 billion; services imports were $2.5 billion. The U.S. services trade surplus with Thailand was $880 million in 2019.
- Thailand was the United States' 25th largest goods export market in 2019.
- U.S. goods exports to Thailand in 2019 were $13.3 billion, up 6.2% ($778 million) from 2018 and up 92.2% from 2009.
- The top export categories (2-digit HS) in 2019 were: mineral fuels ($2.5 billion), electrical machinery ($2.3 billion), machinery ($1.1 billion), vehicles ($755 million), and optical and medical instruments ($606 million).
- U.S. total exports of agricultural products to Thailand totaled $1.8 billion in 2019, our 14th largest agricultural export market. Leading domestic export categories include: soybeans ($524 million), cotton ($215 million), wheat ($162 million), prepared food ($137 million), and distillers grains ($122 million).
- U.S. exports of services to Thailand were an estimated $3.4 billion in 2019, 6.5% ($207 million) more than 2018, and 90.0% greater than 2009 levels. Leading services exports from the U.S. to Thailand were in the travel, intellectual property (industrial processes), and financial services sectors.
- Thailand was the United States' 16th largest supplier of goods imports in 2019.
- U.S. goods imports from Thailand totaled $33.4 billion in 2019, up 5.0% ($1.6 billion) from 2018, and up 75.3% from 2009. U.S. imports from Thailand account for 1.3% of overall U.S. imports in 2019.
- The top import categories (2-digit HS) in 2019 were: machinery ($8.4 billion), electrical machinery ($7.6 billion), rubber ($4.0 billion), vehicles ($1.2 billion), and optical and medical instruments ($1.2 billion).
- U.S. total imports of agricultural products from Thailand totaled $2.9 billion in 2019, our 11th largest supplier of agricultural imports. Leading categories include: other consumer oriented ($807 million), rice ($644 million), processed fruit and vegetables ($475 million), rubber and allied products ($352 million), and fruit and vegetable juices ($154 million).
- U.S. total imports of agricultural products from Thailand totaled $2.9 billion in 2019, our 11th largest supplier of agricultural imports. Leading categories include: rice ($644 million), processed fruit & vegetables ($476 million), rubber & allied products ($352 million), fruit & vegetable juices ($154 million), and tree nuts ($108 million).
- The U.S. goods trade deficit with Thailand was $20.1 billion in 2019, a 4.2% increase ($806 million) over 2018.
- The United States had a services trade surplus of an estimated $880 million with Thailand in 2019, up 4.4% from 2018.
- U.S. foreign direct investment (FDI) in Thailand (stock) was $17.7 billion in 2019, a 4.6% increase from 2018. U.S. direct investment in Thailand is led by manufacturing, wholesale trade, and depository institutions.
- Thailand's FDI in the United States (stock) was $1.9 billion in 2019, down 10.9% from 2018. Thailand's direct investment in the U.S. is led by manufacturing, wholesale trade, and depository institutions.
- Sales of services in Thailand by majority U.S.-owned affiliates were $5.3 billion in 2017 (latest data available), while sales of services in the United States by majority Thailand-owned firms were $189 million.