Thailand, the second-largest economy in ASEAN, has successfully transitioned from an agriculture-based economy to a diverse industrial and service-oriented one. India and Thailand share deep historical economic and cultural ties, which have been further strengthened by India’s “Act East” and Thailand’s “Act West” policies. These strategic initiatives have enhanced bilateral relations, positioning Thailand as a key regional partner in India’s engagement with ASEAN, BIMSTEC, Mekong Ganga Cooperation, and the Asia Cooperation Dialogue. In 2023, Thailand ranked India’s 4th largest trading partner within ASEAN.
India-Thailand bilateral trade
In June 2024, India exported US$369 million worth of goods to Thailand and imported US$921 million, resulting in a trade deficit of US$552 million.
Trade between the two countries increased from US$12.14 billion in 2019 to US$16.04 billion in 2023. In 2023, Thailand’s exports to India amounted to US$10.11 billion, while India’s exports to Thailand were US$5.92 billion.
India’s major exports to Thailand include jewelry (silver bars and gold), machinery and parts, metal waste, chemicals, vegetables, pharmaceutical products, aquatic animals, vehicle parts, iron and steel products, electrical machinery, and household appliances.
Thailand’s major exports to India include animal and vegetable fats, chemical products, polymers, precious stones, machinery, motor cars, copper, aluminum, data processing machines, air conditioning equipment, and rubber products.