International Market Development

International market development | Comprehensive analysis of Thailand's economy and market conditions

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Author : Bozhou Marine
Update time : 2020-12-26 15:10:03

 
In this article, we mainly introduce the basic situation of the Thai market. Including: geographic location, major cities, population status, ethnicity, major festivals, natural resources, major industries, GDP, foreign exchange reserves, employment status, prices, corporate income tax, personal tax rates, etc.
 
 

  Introduction
 
 
The Kingdom of Thailand (Thai: ราชอาณาจักรไทย; English: The Kingdom of Thailand), referred to as Thailand (Thailand). It is a constitutional monarchy in Southeast Asia. Located in the middle of the Indochina Peninsula, it borders with Myanmar to the north and Laos to the northeast, Cambodia to the southeast, and a long and narrow peninsula connected to Malaysia to the south.
 
Thailand is a member and founding member of the Association of Southeast Asian Nations. It is also a member of the Asia-Pacific Economic Cooperation, Asia-Europe Meeting and the World Trade Organization. As one of the "Four Tigers in Asia" in the 1990s, Thailand is one of the world’s newly industrialized countries and one of the world’s emerging market economies, the only net food exporter in Asia, one of the world’s top five exporters of agricultural products, and a Southeast Asian automobile manufacturing center And ASEAN’s largest automotive market.
 
 

  Capital
 
Bangkok (Thai: กรุงเทพมหานคร; English: Bangkok), is the world's first-tier city, the capital and largest city of Thailand, also known as the "City of Angels", located on the east bank of the Chao Phraya River (Chao Phraya River), south of the Gulf of Siam, Indochina Peninsula The largest city and the second largest city in Southeast Asia, it is the center of Thailand's politics, economy, trade, transportation, culture, technology, education, religion and all aspects. Bangkok is known as the "Buddhist Capital". An all-encompassing "City of Angels" that integrates Eastern and Western cultures.
 
Bangkok is a prosperous international metropolis and a trading center for precious metals and gems. The economy accounts for 44% of Thailand's total, and the port of Bangkok bears 90% of Thailand's foreign trade. Bangkok's tourism industry is very developed and has been voted the most popular tourist city in the world.
 
 

  Main City
 
1. Bangkok
 
Bangkok is a prosperous international metropolis and a trading center for precious metals and gems. The economy accounts for 44% of Thailand's total, and the port of Bangkok bears 90% of Thailand's foreign trade. Bangkok's tourism industry is very developed and was voted as the most popular tourist city in the world in 2013.



Bangkok - Photo | Google

2. Chiang Mai
 
Chiang Mai is the second largest city in Thailand, the ancient capital of Thailand, and a famous historical and cultural city. The city was built in 1296 and has a glorious historical background. It is famous for its rich and complete cultural monuments. It was the capital of the Lanna Thai dynasty, the first independent country in the history of Thailand. The scenery of Chiang Mai is beautiful, and the flowers and plants everywhere are especially famous for the rose, which has the elegant name of "Northland Rose". Chiang Mai is 700 kilometers away from Bangkok and is located in a plateau basin at an altitude of 300 meters. It is surrounded by mountains and clear rivers flowing through the city. The climate is cool, the trees are green, the scenery is beautiful, and there are many historical sites. It is a famous summer resort in Southeast Asia.



Chiang Mai - Photo | Google
 
3. Chiang Rai
 
A city in northern Thailand, the capital of Chiang Rai province. Located on the south bank of the Cork River. The population is 33,000 (1980). Located in the center of the Chiang Rai Basin, it is a distribution center for rice, tea, fruits and timber. Highway hub, Beitong night village, prosperous, south to Lampang. Air freight to Chiang Mai, Lampang, Bangkok and other places.
 

4. Phuket
 
Thailand’s largest island has a long history of tin mining. It is found in lowland gravel layers and shallow seabeds. It is developed by river and ocean dredgers and suction pumps. The output of tin ore accounts for one-third of the country and is known as the "Treasure Island". Phuket is also a major seaside tourist destination. There is a bridge in the north that connects with the mainland across a narrow strait. There are roads connecting large residential areas such as Thalang, Phuket and Ban Lawai.
 

5. Koh Samui
 
Koh Samui is located in the southern Gulf of Thailand, 84 kilometers east of Surat Thani, the capital of mainland Thailand. Koh Samui is a holiday resort full of coconut trees. For many people, Koh Samui is like the dreamy tropical island in Robinson Crusoe. It allows people to temporarily forget the annoying pressure of the big city, as if they are in peace of mind. heaven.
 

6. Pattaya
 
Located 154 kilometers southeast of the Thai capital Bangkok, on the Gulf of Siam between the Indochina Peninsula and the Malay Peninsula, the urban area covers an area of ​​more than 20 square kilometers and belongs to Chonburi, Thailand. The tourist area is known for its sunshine, beaches and seafood, and is known as the "Oriental Hawaii". It is a world-famous emerging seaside tourist resort. The scenery is beautiful, the climate is pleasant, and the annual average temperature is about 20 degrees Celsius.
 

7. Big City
 
Also known as Ayutthaya, located in central Thailand, it was once the capital of the Ayutthaya Kingdom (1350-1767) established by King Utong. It is an ancient cultural capital with a history of 417 years and 33 dynasties. It has a glorious history and The prosperous international economy and trade, and the surviving remains were listed as the United Nations World Cultural Heritage in 1991.
 
 

  Jet Lag
 
Thailand is one hour behind China.
 
 

  Population and Ethnicity
 
69 million. There are more than 30 ethnic groups in the country. The Thai nationality is the main ethnic group, accounting for 40% of the total population, and the rest are Lao, Chinese, Malay, Khmer, and mountainous areas such as Miao, Yao, Gui, Wen, Karen, Shan, Semong, and Shagai. Nation.



Thai traditional festival image | Pixabay
 
  Language
 
Thai is the national language.
 
 

  Main holiday
 
1. Songkran Festival
 
Songkran Festival, also known as the Water-Splashing Festival, is a traditional festival in Thailand, Laos, China's Dai ethnic group, and Cambodia. The festival lasts for 3 days and is held every year from April 13 to 15 in the Gregorian calendar. The main activities of the festival include fasting monks to do good deeds, bathing and purifying, people splashing water to bless each other, worshiping the elders, releasing life and singing and dancing games.
 

2. Rocket Festival
 
The Rocket Festival is a custom ceremony for praying for rain in Thailand. According to the custom, it is generally held in mid-May every year when the rainy season comes, and usually lasts two days. At this time, the local farmers will use the village as a unit to make rockets from simple materials such as plastic pipes, bamboo or wood for rocket launch competitions, in order to pray for rain in the sky, so that they can get a good harvest of crops and life happy.
 

3. Shou Summer Festival
 
The Shou Summer Festival, also known as the Shou Ju Festival, the Summer Festival, and the Rain Festival, is the most important Buddhist traditional festival in Thailand. It is held every year on the 16th of the Thai calendar. The Shou Summer Festival is called "Kao Pan Sa" in Thai. The word comes from Sanskrit, "kao" means "to enter", and "pansa" means "rainy season" and "rainy season". The Shou Xia Festival originated from the custom of keeping their feet safe during the rainy seasons of ancient Indian monks and nuns.
 

4. Elephant Festival
 
Thailand is the largest elephant-producing country in the world and is known as the "land of elephants". Every year on the third weekend of November, a grand elephant festival is held in Surin City, which produces the most elephants. The annual Elephant Festival is a characteristic traditional religious festival in Surin, Thailand. The main performer is elephants.
 
During their festival, the elephant was washed clean by the owner, and then rushed to Suphan Buri in red to participate in the annual "Elephant Games." The sports here include tug-of-war, weightlifting, kicking, obstacle running and so on. The cute and meticulous performance of the elephant drew laughs and applause from the audience.
 

5. Loy Krathong Festival
 
Among the traditional festivals in Thailand, the "Loy Krathong Festival" is held every November. This is a festival that fully reflects the romantic love of young Thai men and women. Because every night of the Loy Krathong Festival, whether it is in a city or a town, as long as it is close to a river port or a lake, the water will be full of water lanterns, shining with a candlelight, reflecting the happiness of young men and women. , And the fragrance of flowers and the brisk song of "Length of Water" constitute a joyful night of Loy Krathong.



Loy Krathong Festival -  Photo | Pixabay
 
  Natural Resources
 
Thailand's mineral resources are divided into three categories, namely fuel mines, metal mines and non-metal mines. Fuel mines include natural gas, oil, coal and oil shale. Metallic minerals include tin, tungsten, antimony, lead, manganese, iron, zinc, copper and molybdenum, nickel, chromium, uranium, thorium, etc. Non-metallic minerals include fluorite, barite, gypsum, rock salt, miscellaneous salt (carnallite), phosphate, high clay, graphite, asbestos, limestone and marble.
 
 

  Main Industry
 
Industry
 
Export-oriented industry. The main categories are: mining, textiles, electronics, plastics, food processing, toys, automobile assembly, building materials, petrochemicals, software, tires, furniture, etc. The proportion of industry in the gross domestic product continues to rise.
 

Agriculture
 
For traditional economic industries, the country's arable land accounts for about 41% of the country's land area. The main crops are rice, corn, cassava, rubber, sugar cane, mung bean, hemp, tobacco, coffee beans, cotton, palm oil, coconut, etc.
 

Fishery
 
The sea area is vast, with a coastline of 2705 kilometers. The Gulf of Thailand and the Andaman Sea are unique natural marine fishing grounds. Bangkok, Songkhla, Phuket and other places are important fishery centers and distribution centers for fishery products. Thailand is one of the main fish product suppliers in the world market.
 

Service Industry
 
The tourism industry maintains a stable development momentum and is one of the important sources of foreign exchange income. The main tourist spots are Bangkok, Phuket, Chiang Mai, Pattaya, Chiang Rai, Hua Hin, Koh Samui, etc.
 
 

  Decline in economic growth
 
In 2019, Thailand’s economy grew by only 2.4% in real terms, a 1.8% decrease from the previous year. The completed nominal GDP is 16.88 trillion baht, which is approximately 543.65 billion U.S. dollars, ranking second among the six ASEAN countries (behind Indonesia).
 


Thailand's GDP growth rate trend graph over the years | TRADING ECONOMICS
 
Lavaron Sangsnit, Director-General of the Office of Fiscal Policy, Ministry of Finance of Thailand, recently stated that due to the government's latest economic stimulus plan to boost local consumption in Thailand, Thailand's economic contraction this year may be less than the previously predicted 8.5%.
 
 

  Rapid growth of foreign exchange reserves
 
 


Thailand's foreign exchange reserves trends over the years | TRADING ECONOMICS
 
Thanks to the accelerated growth of Thailand’s export-oriented economy in recent years, Thailand’s foreign exchange reserves have maintained rapid growth. As of June 2020, the foreign exchange reserves reached 240.7 billion US dollars.
 
 

  Unemployment rate surges in 2020
 
 


Thailand's employment population trends over the years | TRADING ECONOMICS
 
 


Thailand's unemployment rate trend graph over the years | TRADING ECONOMICS
 
The current employment situation in Thailand is worrying. With the Thai economy shrinking by 12.2% in the second quarter of 2020, the unemployment rate has doubled from the period of the severe epidemic, and the number of unemployed people has increased from about 400,000 in the first quarter to 800,000. In addition, the epidemic is still spreading around the world and the global economy is slowing down. The "travel bubble" plan adopted by the government will have to be put on hold for at least half a year to a year, and at the same time, complete exports cannot be achieved. If Thailand’s economic situation does not improve in the next six months and small and medium-sized enterprises cannot return to normal operations, it is estimated that 2 million people will face the risk of unemployment.
 
 

  The inflation rate fluctuates greatly and falls to negative numbers
 
 


Thailand Consumer Price Index CPI Trends over the Years | TRADING ECONOMICS
 
 


Thailand's inflation rate trend chart over the years | TRADING ECONOMICS
 
From 2011 to 2020, Thailand's inflation rate fluctuated significantly. In 2015, it once fell to a negative number, and the economy fell significantly. In 2020, it fell to a negative number again, indicating a significant decline in economic growth.
 
 

  Corporate income tax rate 20%
 
 


Thailand's corporate income tax trends over the years | TRADING ECONOMICS
 
In 2020, the Thai corporate income tax rate is 20%.
 
 

  Personal income tax rate 35%
 
 


Thailand Individual Income Tax Trends Over the Years | TRADING ECONOMICS
 
In 2020, Thailand’s personal income tax rate is 35%



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