Trade between the United States and Thailand dates all the way back to the 19th century, and even today, it is an essential component of the relationship that exists between the two nations. The United States exported approximately $14 billion worth of products to Thailand in 2020, while the United States imported approximately $22 billion worth of goods from Thailand. This brought the total value of commodities traded between the United States and Thailand to approximately $36 billion.
To Thailand, the United States most commonly ships agricultural goods such as soybeans, corn, and beef, in addition to manufactured goods such as airplanes and machinery. In exchange, the United States buys a variety of goods from Thailand, including textiles, automobiles, jewelry, and electronic goods. In addition, Thailand is a significant supplier of fresh and processed fruits, rubber, and fisheries products to the market in the United States.
The Free Trade Agreement between the United States and Thailand, which was signed in 2004 and went into force in 2005, has been a major factor in the recent growth of the commercial relationship between the two countries. Because of this agreement, businesses from both nations are now able to trade and invest more easily with one another, which has led to a rise in the volume of trade between the two nations.
In the worldwide supply chain for automobiles and electrical goods, Thailand is a significant participant and contributor. The trade relationship between the United States and Thailand is also influenced by the efforts made by the Thai government to attract investment in specific industries, such as digital, bio-based, and medical device manufacturing, with the goal of turning Thailand into a hub for US manufacturers of these products operating in the region.
Continued collaboration in the fields of trade and investment will bring a wealth of benefits to both the United States and Thailand. The United States gains access to a rising market and a low-cost supply of goods, while Thailand gains access to American technology, investment, and markets. Both countries stand to prosper from this trade relationship. In recent years, both nations have been working on growing their trade relationship by developing their trade links and establishing bilateral agreements to boost investment and cooperation in a variety of industries. This has been a focus of their efforts.