Thailand's trade deficit with China reaches record high
Thailand’s authorities said for the fifth consecutive year, Thailand recorded a trade deficit with China in 2023, the highest yet at 36 billion USD, up from 29 billion USD in 2022.
Bangkok (VNA) – Thailand’s authoritiessaid for the fifth consecutive year, Thailand recorded a trade deficit withChina in 2023, the highest yet at 36 billion USD, up from 29 billion USD in2022.
The deficit is the result of Thailand importing moregoods from China than it exports. In 2023, Thailand's imports from Chinatotalled 105 billion USD, while its exports were just 69 billion USD.
Chaichan Charoensuk, Chairman of the Shippers' Councilof Thailand and the Exporters Council, said China is Thailand's largest tradingpartner, accounting for 22% of Thailand's total trade. Thailand imports a widerange of goods from China, including electronics, machinery, and chemicals.Thailand exports mostly agricultural products, such as rubber, rice, andseafood, to China.
The trade deficit with China is a major concern forthe Thai government and it is working to reduce the deficit by promoting Thaiexports to China by improving the quality of Thai products to make it easierfor Thai businesses to export to China; attracting Chinese investment toThailand by offering incentives to Chinese businesses; and negotiating freetrade agreements with other countries that are not major exporters to China.
The trade deficit is also a sign of the challengesfacing Thai manufacturers. As China's economy has grown, it has become a majorproducer of manufactured goods. This has made it more difficult for Thaibusinesses to compete with Chinese producers, leading to increased imports ofChinese goods./.
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Illustrative photo. (Source: Bloomberg) 
