Thailand is an important trading partner and ally of the United States, with the treaty basis to the relationship dating back to the establishment of diplomatic ties in 1833 through the original Treaty of Amity and Commerce.
Under a Trade and Investment Framework Agreement (TIFA) signed in 2002, U.S. and Thai officials engage on trade and investment issues such as intellectual property rights, customs issues, the WTO Doha negotiations, our APEC and ASEAN agendas, and Thailand’s interest in the Trans-Pacific Partnership Agreement (TPP). The United States and Thailand launched Free Trade Agreement negotiations in 2004 but suspended them in 2006 following the dissolution of the Thai Parliament and the subsequent military-led coup.
U.S.-Thailand Trade Facts
U.S. goods and services trade with Thailand totaled $41 billion in 2012 (latest data available). Exports totaled $13 billion; Imports totaled $28 billion. The U.S. goods and services trade deficit with Thailand was $15 billion in 2012.
Thailand is currently our 24th largest goods trading partner with $38.0 billion in total (two ways) goods trade during 2013. Goods exports totaled $11.8 billion; Goods imports totaled $26.2 billion. The U.S. goods trade deficit with Thailand was $14.3 billion in 2013.
Trade in services with Thailand (exports and imports) totaled $4.6 billion in 2012 (latest data available). Services exports were $2.4 billion; Services imports were $2.2 billion. The U.S. services trade surplus with Thailand was $173 million in 2012.
Thailand was the United States’ 27th largest goods export market in 2013.
U.S. goods exports to Thailand in 2013 were $11.8 billion, up 8.6% ($937 million) from 2012, and up 103% from 2003.
The top export categories (2-digit HS) in 2013 were: Electrical Machinery ($2.1 billion), Precious Stones (gold) ($1.6 billion), Machinery ($1.4 billion), Aircraft ($1.3 billion), and Optic and Medical ($607 million).
U.S. exports of agricultural products to Thailand totaled $1.4 billion in 2013, the 20th largest U.S. Ag export market. Leading categories include: soybeans ($213 million), cotton ($185 million), wheat ($159 million), prepared food ($109 million), and feeds and fodders ($105 million).
U.S. exports of private commercial services* (i.e., excluding military and government) to Thailand were $2.4 billion in 2012 (latest data available), 14.1% ($292 million) more than 2011 and 108% greater than 2002 level. Other private services (business, professional, and technical services) category led U.S. exports in 2012.
Thailand was the United States’ 19th largest supplier of goods imports in 2013.
U.S. goods imports from Thailand totaled $26.2 billion in 2013, a 0.2% increase ($61 million) from 2012, and up 72% from 2003. U.S. imports from Thailand accounted for 1.2% of overall U.S. imports in 2013.
The five largest import categories in 2013 were: Electrical Machinery ($6.3 billion), Machinery ($6.3 billion), Rubber ($2.0 billion), Precious Stones (jewelry) ($1.6 billion), and Prepared Meat, Fish (tuna and shrimp) ($1.1 billion).
U.S. imports of agricultural products from Thailand totaled $2.2 billion in 2013, the 12th largest supplier of Ag imports. Leading categories include: processed fruit and vegetables ($492 million), rice ($457 million), and rubber and allied products ($415 million).
U.S. imports of private commercial services (i.e., excluding military and government) were $2.2 billion in 2012 (latest data available), up 20.5% ($373 million), and up 171% from 2002 level. Other private services (business, professional, and technical services) and travel categories accounted for most of U.S. services imports from Thailand.
The U.S. goods trade deficit with Thailand was $14.3 billion in 2013, a 5.8% decrease ($875 million) over 2012. The U.S. goods deficit with Thailand accounted for 2.1% of the overall U.S. goods deficit in 2013.
The United States had a services trade surplus of $173 million in 2012 (latest data available), down 31.9% from 2011.
U.S. foreign direct investment (FDI) in Thailand (stock) was $16.9 billion in 2012 (latest data available), a 16.1% increase from 2011.
U.S. FDI in Thailand is led by the manufacturing and banking sectors.
Thailand FDI in the United States (stock) was $180 million in 2012 (latest data available), up 39.5% from 2011.
The distribution of Thailand’s FDI in the United States was not available in 2012.
Sales of services in Thailand by majority U.S.-owned affiliates were $4.6 billion in 2011 (latest data available), while sales of services in the United Sates by majority Thailand-owned firms were $103 million.
*NOTE: Refers to private services trade not including U.S. military sales, direct defense expenditures, and other miscellaneous U.S. government services