How much does Thailand’s economy rely on external trade?
Trade openness
The trade-to-GDP ratio is frequently used to measure the importance of international transactions relative to domestic transactions. This indicator is calculated for each country as the simple average (i.e., the mean) of total trade (i.e. the sum of exports and imports of goods and services) relative to GDP. This ratio is often called the trade openness ratio.
Trade openness level of Thailand
Along with the majority of ASEAN economies, Thailand is an open economy that relies quite heavily on external trade. Trade accounts for 123% of GDP in 2017. China, the US, and Japan are Thailand’s main trade partners. As a crucial manufacturing base for many global supply chains, Thailand imports much of the parts used in producing its export products.
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