Thailand-Rep. of Korea Bilateral Trade Analysis 2023
Complete trade statistics: $14.74B total volume •Thailand deficit: $2.60B
Thailand → Rep. of Korea
$6.07B
Exports (2023)
Rep. of Korea → Thailand
$8.67B
Imports (2023)
Trade Balance
$2.60B
Deficit for Thailand
Total Trade
$14.74B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Thailand and Rep. of Korea. Green line shows exports from Thailand, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Thailand-Rep. of Korea commercial relationship and competitive positioning in global markets.
Thailand → Rep. of Korea Exports
Export Market Intelligence
🎯 Strategic Export Focus
Thailand's export portfolio to Rep. of Korea demonstrates strong diversification across multiple sectors, with petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils representing a key competitive advantage in this bilateral market.
Rep. of Korea → Thailand Imports
Import Dependency Profile
📦 Import Strategy Analysis
Thailand's import pattern from Rep. of Korea reveals strategic sourcingin electronic integrated circuits: n.e.c. in heading no. 8542, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Thailand demonstrates competitive strength in exportingpetroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils to Rep. of Korea, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $14.74B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Thailand-Rep. of Korea Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $14.74 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Thailand maintains a deficit of $2.60 billion
- Export Focus: Thailand's primary exports include petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, sugars: cane sugar, raw, in solid form, other than as specified in subheading note 2 to this chapter, not containing added flavouring or colouring matter, rubber: new pneumatic tyres, of a kind used on motor cars (including station wagons and racing cars)
- Import Dependencies: Key imports from Rep. of Korea include electronic integrated circuits: n.e.c. in heading no. 8542, petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, parts of electronic integrated circuits
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents a significant global trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $14.74B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Thailand leveraging its comparative advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Thailand's specialization in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oilscomplements Rep. of Korea's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in electronic integrated circuits: n.e.c. in heading no. 8542.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $14.74B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $14.74B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $14.74 billion bilateral trade volume represents a significant economic factorfor both economies.
Industrial Integration
Trade flows in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils and electronic integrated circuits: n.e.c. in heading no. 8542 demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Thailand's trade deficit of $2.60 billion impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Thailand and Rep. of Korea represents a total trade volume of $14.74 billion in 2023. This partnership demonstrates an unfavorable trade balance for Thailand, with imports exceeding exportsby $2.60 billion.
Export Strengths
Thailand's exports to Rep. of Korea total $6.07 billion, with competitive advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, representing $432.73M or7.1% of bilateral exports.
Import Dependencies
Imports from Rep. of Korea amount to $8.67 billion, highlighting economic interdependence in electronic integrated circuits: n.e.c. in heading no. 8542, with Electronic integrated circuits: n.e.c. in heading no. 8542 comprising9.2% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Thailand's strategic sourcing from Rep. of Korea. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Thailand and Rep. of Korea in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023