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Trade and economic relations between Ukraine and the Kingdom of Thailand
18 February 2013 16:33

Taking into account the Thailand's huge nominal GDP, local income growth and a stable socio-economic situation in the country, Thailand remains the key partner of Ukraine among the countries of the region of Southeast Asia.

Joint Trade Commission between the Government of Ukraine and the Royal Government of Thailand, aimed at promotion of bilateral economic relations, has been established in accordance with provisions of the bilateral Trade Agreement between Ukraine and the Kingdom of Thailand, signed in 2017.

According to the data of the State Customs Service of Ukraine, in 2022 trade turnover between Ukraine and Thailand reached 197,671 million USD (export – 35,22 million USD, import – 162,451 million USD) with a negative trade balance of 127,23 million USD.

In 2023 trade turnover between Ukraine and Thailand amounted to 246 million USD (export – 39 million USD, import – 207 million USD). The negative trade balance reached 168 million USD.

During 10 month of 2024 bilateral trade turnover reached 386 million USD (export – 151,2 million USD, import – 234,7 million USD) with a negative trade balance of 83,5 million USD.

In 2024, import included: cars, motorcycles and other vehicles; sea animals; fish products; electronic integrated systems; automatic information processing machines and blocks; tires; household appliances; jewellery, etc.

Ukraine’s export mainly consisted of wheat, inulin, dried vegetables, sunflower oil, soybeans.


Trade between Ukraine and the Kingdom of Thailand in 2018 – 2024 (mln. USD)


2018

2019

2020

2021

2022

2023

2024 (10 months)

Trade turnover

456,668

572,083

358,628

477,391

197,671

246,208

386

Export

248,067

344,131

164,537

224,886

35,22

39,174

151,2

Import

208,601

227,952

194,09

252,505

162,451

207,034

234,7

Trade balance

+39,466

+116,179

-29,552

-27,619

-127,23

-167,9

-83,5


The Ukrainian Side pays particular attention to the issue of diversification of foreign trade and involvement of foreign investments in new areas of cooperation, as well as the participation in the perspective projects, proposed by the Government of Thailand.

In recent years the cooperation between the chambers of commerce of Ukraine and Thailand has been actively developing. On 20 July 2021 a joint meeting of the leadership of the Chamber of Commerce and Industry of Ukraine and the Thai Chamber of Commerce – Board of Trade of Thailand was held. During the meeting the parties discussed the possibility of arranging a business forum with participation of the business circles of both countries, the organization of thematic bilateral meetings that would cover issues of development of inter-branch contacts, attraction of investments, taxation, etc.  

On 16 December 2021 Memorandum of Understanding between the Council of Exporters and Investors under the Ministry of Foreign Affairs of Ukraine and the Board of Trade of Thailand was signed aiming at creation of further favorable conditions for bilateral trade.


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