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A brief overview of the Thai economy

Thailand is an emerging economy and ranks second in Southeast Asia in terms of economic performance.

In 2019 GDP reached over 530 billion US dollars.

The basis of the economy is the service sector and tourism (accounting for about 50% of GDP), industry (40%), agriculture (10%).

For mineral reserves and industrial development the Kingdom ranks the 4th in the region.

The country's economy is largely dependent on exports – it accounts for about 2/3 of GDP.

Electrical appliance manufacturing is Thailand's largest export sector, accounting for about 15% of total exports.

Thailand is the ASEAN leader in the production and sale of cars (the world's largest supplier of pickups), the export of which reaches 200 thousand units per year.

Thailand is one of the largest suppliers to the world market of tin and wolfram and ranks second after Canada in gypsum exports.

It is the world's leading exporter of shrimp, coconuts, corn, soybeans and sugarcane.

The main import items are:

♦ electrical machinery and equipment;
♦ mineral fuels, including oil;
♦ industrial machinery;
♦ jewelry and precious metals;
♦ ferrous metals, including steel;
♦ vehicles;
♦ plastics, including articles thereof;
♦ products made from ferrous metal;
♦ optical, technical, medical equipment;
♦ organic chemicals.

The most prospective export positions of Belarusian enterprises to Thailand are:

♦ chemical products (polyamides, fiberglass);
♦ dairy products (skimmed and whole milk powder, milk whey powder, powdered infant formula);
♦ optical measuring instruments and equipment;
♦ pharmaceutical products.

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