An established market for goods imported from the UK
There are over 5,000 British VAT-registered businesses exporting to Thailand, with more SMEs entering the market. As a result, British products and services are recognised across the country and are widely associated with a high standard of quality.
Advantageous geographical location
Thailand notably serves as a gateway to ASEAN and exporting to Thailand also opens up access to countless business opportunities across the region. Its geographical position makes Thailand a great hub for UK companies aiming to export to Laos, Cambodia, Myanmar, and southern China as well.
An established trade relationship between the UK and Thailand
UK and Thailand set-up a Joint Economic and Trade Committee (JETCO) in 2021.This bilateral trade committee addresses trade barriers, while actively promoting business and trade activity between the UK and Thailand – with support for agriculture, food and drink, and financial services sectors.
Top five UK goods exported to Thailand , in the four quarters to the end of Q3 2023
| Goods | Value (£ million ) |
|---|---|
| Mechanical power generators (intermediate) | |
| Miscellaneous electrical goods (capital) | |
| Cars | |
| Metal ores & scrap | |
| Unspecified goods |
Source:
ONS Trade in goods: country-by-commodity exports
Last updated: February 2024
Download the latest trade and investment factsheet for Thailand.
Top five UK services exported to Thailand , in the four quarters to the end of Q2 2023
| Service | Value (£ million ) |
|---|---|
| Travel | |
| Other Business Services | |
| Insurance and Pension | |
| Financial | |
| Transportation |
Source:
ONS UK trade in services: service type by partner country, non-seasonally adjusted
Last updated: January 2024
Download the latest trade and investment factsheet for Thailand.
Total import value (into the UK from Thailand) and export value (from the UK into Thailand) over time
| Year | Imports (£ billion ) | Exports (£ billion ) | Total trade (£ billion ) |
|---|---|---|---|
| 2016 | 4.0 | 1.8 | 5.8 |
| 2017 | 4.2 | 2.3 | 6.5 |
| 2018 | 4.2 | 2.7 | 6.9 |
| 2019 | 4.2 | 2.3 | 6.6 |
| 2020 | 3.1 | 2.2 | 5.3 |
| 2021 | 2.7 | 2.0 | 4.7 |
| 2022 | 3.9 | 2.6 | 6.5 |
Source:
ONS UK total trade: all countries, seasonally adjusted
Last updated: January 2024
Total trade is the sum of all exports and imports over the same time period.
Download the latest trade and investment factsheet for Thailand.
Thailand: at a glance
Economic growth
2.6%
Actual figure (IMF, 2022)
The UK is 4.1% (IMF, 2022, actual figure)
GDP per capita
$7,227
Actual figure (IMF, 2021)
The UK is $46,422 (IMF, 2021, projected figure)
Currency
Thai baht
Business languages
Thai
You may need a translator
Time zone
GMT + 7
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High potential industries in the country for UK businesses
As a leading tourist destination with an affluent urban population and a strong manufacturing base, Thailand presents a massive demand for products and commodities which significantly overlap with several high-growth UK export areas.
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Thailand is one of the leading automotive manufacturing countries in the world. While the country is transitioning towards a low carbon society, the industry is evolving rapidly in favour of clean transportation solutions.
Large automotive manufacturing base that is transforming toward zero-emission
Thailand’s automotive supply chain consists of more than 30 global automakers and 2,000 supporting companies. The Thai government has set a goal of zero-emission vehicles (ZEVs) to account for 50% of all vehicles (including cars, pick-up trucks, buses, trucks, motorcycles) sold in the country by 2030.
Demand for battery and fuel cells capabilities
The production of batteries is a key aspect of the National Electric Vehicle (EV) Roadmap. Both government and private companies are investing in building their capabilities in energy storage technology for clean power systems as well as EVs.
Demand for emission control and clean air technology
Air pollution is a major concern in Thailand. Thai officials are particularly concerned with reducing pollution from car and truck exhaust, as well as, to put a more stringent monitoring and control system in place to reduce emission.
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Thailand has an internationally reputed healthcare system with government-funded universal health coverage. The country counts over 1,350 hospitals, of which 370 are private. It also attracts a large number of medical tourists.
Healthcare as a national priority
The government aims to develop the country’s medical sector, promoting industries such as biotechnology, genetics, and medical and wellness tourism. Government funds many frontier programmes, like the 20-year Strategic Roadmap for Genomics. This was supported by initiatives to build infrastructure to harness genomic information in order to advance fields such as precision medicine and pharmacogenomics.
Rapidly ageing population drives up demand
The elderly population is growing, living longer and consuming more, creating business opportunities in areas such as medical food and food supplements, medical devices and digital healthcare. The country’s leading hospital groups expand their facilities to provide long-term senior care, wellness services and offering a range of smart monitoring and assistive devices.
Health-conscious consumers looking for self-care solutions and health supplements
Fearful of outdoor pollution and COVID-19, urbanised consumers, particularly millennials, have turned to vitamins, minerals, and supplements to maintain good health. In general, consumers are seeking more preventative measures rather than cures. There is also a growing point-of-care testing market.
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Agriculture, food and drink are major sectors for the Thai economy. A number of domestic conglomerates operate in this sector, demanding high-quality ingredients and supplies. A growing, urban, middles class population also look forward to enjoying variety of choices.
Growing demand for higher-value fresh and processed products
Thailand has experienced rapid economic growth and urbanisation, leading to a growing demand for higher-value fresh and processed products from the middle and upper-income population. While Thais traditionally prefer fresh food, ready-to-eat food items are increasingly popular due to their convenience.
Large food processing industry demanding innovative solutions and ingredients
Hosting roughly 9,000 food processing companies, Thailand’s Food and Beverage industry accounts for almost a fifth of the nation’s GDP. The Thai Food and Beverage industry aims to enhance its capabilities to offer higher-value products such as future healthy food, plant-based, free-from and functional ingredients.
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Thailand’s current education strategy focuses on improving curricula and assessment, improving quality of teachers and academic personnel, increasing R&D, promoting lifelong learning and upgrading ed tech. The UK has a strong reputation as the leading provider in this sector.
English proficiency is viewed as key to success
Growth is supported by parents’ demand for premium international schools and online English learning programmes. Key factors are the rising middle class and the growing trend of students studying abroad at an early age. Increasingly, public and private schools offer students the option to study in an English programme (EP) or a bilingual programme, supported by international qualifications.
Demand for new skills
Both public and private sectors encourage their employees to learn new skills such as Big Data and data analytics to increase employment opportunities and respond to changing landscapes. A key focus of the Thai market is on ‘learning by doing’ professional education programmes to reduce skills mismatch. There is also a growing interest for enhancing soft skills, as well as for training focusing on entrepreneurial skills.
Increased use of technologies in learning
Sped-up by the pandemic, educational institutions, training providers and companies are making more use of new technologies to deliver online classes and distance learning.
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Thailand presents an attractive market for technology companies from the UK due to expanding adoption of digital technologies across the economy, supported by government strategies and policies.
Accelerated adoption of technology
The pandemic significantly increased implementation rates of both advanced (data analytics, robotics, IoT, AI, blockchain, AR/VR) and basic technologies (traditional web technologies, mobile applications, cloud). Technology, media and telecom (TMT) and the financial services industries lead on digital transformation expenditure.
Strong government support
Digital technology plays a key role in the government’s vision of Thailand 4.0, which aims to transform the country into a high-income nation. Several programmes have been put in place to promote this sector, such as Smart visa, innovation hubs, smart city promotion zones and digitisation of government services.
Growing demand for industrial automation and robotics solutions
Thailand is one of the region’s key logistic hubs, with more than 20,000 companies registered in the sector. Future developments of logistic services in Thailand are oriented towards upgrading physical infrastructure through the use of technology. Robotics, automation, drones as well as fleet and warehouse management systems are in demand.
Check for trade barriers
Trade barriers, such as tariffs or taxes, can raise costs, cause delays, or even stop you from exporting. Check for any issues that may impact your business when exporting.
Check duties and customs
Find information on how to export goods from the UK. View the duties, rules, restrictions, and the documents you need for your products.
Doing business in Thailand
Preparing to export
Trade barriers
Check for any reported barriers to trading with Thailand.
Report any trade barriers that are affecting your business so we can help fix them.
Import tariffs
There is currently no preferential trade agreement between Thailand and the UK and generally import duties are applied according to the WTO’s Most Favoured Nation (MFN) basis.
There are some import duties privileges for certain products and import purposes. Details can be found on Thai Customs Department website.
Import requirements and documentation
In general, before importing and exporting products in Thailand, it is necessary to submit a Customs Entry Form and provide related documents such as invoice, shipping documents, air waybill and letter of credit in order to complete general customs clearance requirements.
A number of goods and materials also requires import/export licence and authorisation from relevant agencies.
Payment terms
Foreign currency transactions between residents and non-residents of Thailand are regulated by exchange control regulations. The Bank of Thailand (BOT) is generally responsible for regulating foreign exchange.
Operating in Thailand
Foreign Business Act
The Foreign Business Act (FBA) identifies three lists of activities in which foreign participation may be prohibited or restricted.
A company is designated as ‘foreign’ if it is following the laws of another country, or following Thai law and 50% or more of its shares are held by foreign individuals or business entities.
VAT
The standard rate of Value Added Tax (VAT) in Thailand is 10%.
VAT is applied in all stages upon the consumption of goods and services.
Visa and work permit regulations
British nationals seeking to do business in Thailand must apply for a Non-Immigrant B-Visa.
This is generally granted for an initial stay of 90 days, but it may be extended to up to one year and is renewable each year.
A foreigner with this visa can apply for a work permit.
Intellectual property
Intellectual property (IP) rights are territorial and rights granted in the UK do not provide protection elsewhere.
You should consider getting IP protection abroad if you want to trade overseas or sell to overseas customers via the internet.
View guidance on IP in Thailand on GOV.UK.
Overseas business risk
In Thailand, there are various potential risks for UK Company doing business in this country including political and economic risk, human rights, bribery and corruption, terrorism, Intellectual Property and crime.
For more information check overseas business risk in Thailand.
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