Thailand is, without doubt, one of the best success stories when it comes to Asian economies. The Kingdom continues to be a major member of the ASEAN, and is currently ramping up its involvement in promoting free trade agreements.
Let’s take a look at some interesting facts about the Thai economy, with a little bit of history.
Thailand is one of the nations in the world that has shown its willingness to support free trade between partners. In fact, it has free trade agreements with the United States, resulting in the US being Thailand’s largest trading partner in exports. As a member of ASEAN, the country is also poised to take advantage of the ASEAN Free Trade Area that has been agreed upon by the association’s member nations.
One of the commodities that Thailand exports are automobiles. The demand for Japanese automobiles all around the world has, naturally, resulted to an increase in the manufacturing of these vehicles in nations where Japanese car makers have factories in place.
Because Thailand is a signatory of a free trade agreement with Japan, it’s only natural that companies like Toyota, Isuzu and Nissan would outsource their manufacturing in Thailand. With the demand going up, Thailand also has to ramp up its manufacturing, resulting to it being one of the top exporters of automobiles.
The Indian Ocean tsunami that occurred in December 2004 affected not only Thailand’s tourism industry. It also materially affected the output of the fisheries in Thailand’s west coast. Thailand has since then prepared for any similar disaster by installing a system of buoys that provide tsunami warnings.
Thailand made a mark in 2004 when the nation consumed 3.4 quadrillion British thermal units. This is very low, representing only 0.7% of the total energy consumed by the world in 2004. In addition, Thailand is also known for using ethanol instead of petroleum.
While it registered a very low power consumption, Thailand’s demand for natural gas also notably exceeded its refineries’ capabilities in 2004. It consumed 1,055 billion cubic feet, while the domestic production only reached 790 billion cubic feet.
Finally, Thailand notably employed a majority of its workforce in the agricultural sector. Out of the 36.9 million members of the labor force the Kingdom had in 2007, nearly half of this were deployed in the agricultural sector. Following close second is the services sector, which employed 37% of the workforce.
These are the five facts about Thailand’s economy that is of some interest and of note. There are plenty more amazing stuff about Thailand’s economy that you can unearth with enough research and study.
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