This fiscal year, India-Thailand trade is poised to reach yet another significant milestone. The trade volumes will surpass the previous all-time high record of $17.7 billion during the previous fiscal year, according to the Royal Thai Consulate-General in Chennai, and will likely reach approximately $20 billion in FY2023–24.
The bilateral commerce between these nations was $15 billion in FY19 prior to Covid-19. However, throughout the pandemic period, trade quantities began to decline. During FY20, it was only $9.7 billion. In FY22, trade volumes returned to their pre-pandemic levels, and in FY23, they surpassed their previous record of $17.7 billion.
“Since the epidemic era, trade levels between the two nations have increased yearly. According to Nitirooge Phoneprasert, Thailand’s consul general in Chennai, “we expect that to go much higher than the previous record to cross $19-20 billion this fiscal.”
The trade ties between Thailand and India have expanded significantly, he noted. Positive trade attitudes are also present. Following our engagement with numerous industry chambers and groups in South India, we have observed an increase in trade and investments.
The economic potential between India and Thailand have multiplied, according to Nitirooge, since our association with the India-Asean-Sri Lanka Chamber of Commerce and Industry (IASCCI) in November 2022. We previously held a conference with the Madras Chamber of Commerce on “Business in Thailand – a gateway to ASEAN” in September 2021.
“We anticipate increased trade and commerce between India and Thailand as a result of such cooperation. We learned from many business executives who spoke at the seminars and meetings that trade in solar energy, building supplies, and chemicals is one of the sectors that may thrive between the two nations’, he said.
Gems and jewellery, precious and semi-precious stones, metals, food goods, equipment parts, chemical products, and minerals make up the majority of the exports from India to Thailand. Plastic materials, uncut precious stones, vegetable oils, air conditioner parts, and incense goods are among the main imports of Thailand into India.
