Thai Trade Notes and the Dutch position

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1 Thai Trade Notes and the Dutch position Compiled by the Embassy of the Kingdom of the Netherlands in Bangkok March 2011 In this issue Thailand s international trade EU share in Thailand s trade 1 1 Thai imports 2 Thai exports 3 Thai imports by economic classification Thai import from the Netherlands 4 4 Thailand s international trade (in US dollar terms) The worldwide financial crisis had a significant import on Thailand s international trade. Following its highest level in the 3rd quarter of 2008, both import and export declined sharply in the 4th quarter of 2008 and again in the first quarter of Recovery of Thailand s international trade started in the 2nd quarter of 2009 at a steady albeit slow pace. Thai imports in 2010 remained below its peak level in the 3rd quarter of Thai exports in 2010 is fueled by an exceptional high level of growth in export to China, and has returned to pre-crisis level. Thai imports from its main trading partners Unit: million US Dollars Q Q Q Q Q Q Q Q Q Q Q Q Japan 8, , , , , , , , , , , , ASEAN 7, , , , , , , , , , , , China 5, , , , , , , , , , , , Middle East 6, , , , , , , , , , , , EU (27) 3, , , , , , , , , , , , NAFTA 3, , , , , , , , , , , , Total 42, , , , , , , , , , , , Others 8, , , , , , , , , , , , Thai trade with ASEAN Thai import from China The Netherlands trade with Asia The Netherlands trade in services Thai Exports to its main trading partners Unit: million US Dollars Q Q Q Q Q Q Q Q Q Q Q Q ASEAN 9, , , , , , , , , , , , China 6, , , , , , , , , , , , NAFTA 5, , , , , , , , , , , , EU (27) 6, , , , , , , , , , , , Japan 4, , , , , , , , , , , , Middle East 2, , , , , , , , , , , , Total 42, , , , , , , , , , , , Others 8, , , , , , , , , , , , The European Union s share in Thailand s international trade The European Union (from 8.0% in 2008 to 7.61% in 2010 and NAFTA (from 7.08% in 2008 tot 6.57% in 2010 are both losing market share in Thailand to regional powers China and Japan.

2 In 2010 China become Thailand s largest single export destination by far.. Whereas traditional markets like the European Union, NAFTA and Japan are becoming less important destinations for Thai exports. Thai imports from 2008 to 2010 (in US dollar terms) The graph below provides a clear picture of the dramatic decline in imports during the first half of 2009, and the strong recovery in imports from Japan, China and ASEAN from the 3rd quarter of 2009 onwards. Imports from Japan and China surpassed the highest level of imports registered in before the onset of the financial crisis in the 3rd quarter of Imports from the European Union and NAFTA did recover to some extend, but remain well below the level registered before the onset of the financial crisis, and are on a slightly downward trend again in the Thai imports from the European Union from 2008 to 2010 (in US dollar terms) The graph below shows that, with the exception of Germany, imports from the main European Union trading partners have not yet recovered from the financial crisis. The Netherlands however, did maintain its position as 5th largest exporter from the European Union to Thailand, but growth remains modest.

3 Thai exports from 2008 to 2010 (in US dollar terms) The graph below provides a clear picture of the dramatic decline in Thai exports during the 4th quarter of 2008 and the first half of and the strong recovery in exports to China, and ASEAN from the 3rd quarter of 2009 onwards. From the 3rd quarter of 2010 onwards, Thai exports to Japan and China surpassed the highest level registered before the onset of the financial crisis in the 3rd quarter of Thai exports to the European Union and NAFTA and Japan did recover from the 3r4d quarter of 2009 onwards, but a a slower pace, and are only just retuning to pre-crisis levels. Thai exports to the European Union from 2008 to 2010 (in US dollar terms) The graph below shows that Thai exports to its main European Trading partners are slowly retuning to the highest level registered before the onset of the financial crisis in the 3rd quarter of In the 4th quarter of 2010, the Netherlands managed to regain its position as the largest destination for Thai exports to the European Union member states.

4 Thai imports by economic classification from 2008 to 2010 (in US dollar terms) On a year-on-year comparison, Thai imports did recover in 2010 from the sharp decline in The recovery of imports of raw materials and capital goods in 2010, reflect a recovery to pre-crisis levels of Thailand s main manufacturing and exporting industry sectors. The strong growth in imports of consumer goods reflect a strong recovery of consumer confidence in 2010 Bank of Thailand Import Classified by main economic classification (Million US$) >10 08->10 Consumer Goods 13, , , % 17.4% Raw Materials and Intermediate Goods 73, , , % -0.6% Capital Goods 42, , , % 6.8% Crude Oil 28, , , % -22.5% Natural Gas 4, , , % -2.1% Petroleum Gas , % 192.2% Total Imports 178, , , % 2.0% Thai imports from the Netherlands from 2008 to 2010 (in Thai Baht terms) Compared to 2009, Thai imports from the Netherlands grew by 6.6% in Thai Baht terms, and by more than 13% in US dollar terms, reflecting the strong Baht in However, imports from the Netherlands remained well below the level of imports registered in 2008 (21.3% in Thai Baht terms and some 16% n US dollar terms respectively). Imports from the Netherlands in the product groups 85 (and (IC s and micro assemblies) in particular), 04 (dairy products and honey) and 23 (waste from food industry) show a strong recovery in 2010, reflecting a recovery of the relevant Thai industry sectors. Imports from the Netherlands in the product groups 72 & 73 (iron, steel and articles thereof), 21 (food ingredients), 90 (optical equipment) and 84 (non-electrical machinery) show no signs of recovery following the onset of the crisis in Some 25% of all Thai imports from the Netherlands is generated in only 1 product sub-group (85.42 Thai imports from the Netherlands (top 15 by Harmonised System (HS) code) (in Thai Baht) source: Thai Customs Department HS Description % of total in >10 08->10 85 Electrical machinery, equipment 10,714,029,590 7,413,473,932 8,880,261, % 16.5% -20.6% 8542 of which IC's, microassemblies 6,314,543,846 6,092,308,036 7,631,765, % 20.2% 17.3% 84 Non electrical machinery 3,551,371,325 3,408,320,706 3,319,684, % -2.7% -7.0% 39 Plastic and articles thereof 3,011,051,080 1,702,902,780 1,903,806, % 10.6% -58.2% 72 Iron and steel 4,281,243,989 1,662,113,162 1,652,139, % -0.6% % 29 Organic Chemical 1,531,298,714 1,012,954,582 1,199,619, % 15.6% -27.6% 30 Pharmaceuritcals 1,280,840,755 1,158,677,469 1,160,254, % 0.1% -10.4% 48 Paper & paperboard 570,456,962 1,255,462,802 1,111,502, % -13.0% 48.7% 21 Food ingredients 1,293,745,014 1,194,109,566 1,082,139, % -10.3% -19.6% 90 Optical equipment 1,079,598,258 1,266,957, ,548, % -29.3% -10.2% 04 Dairy produce, egg, honey 825,753, ,040, ,210, % 28.4% 9.5% 41 Raw hide skin and leather 744,199, ,364, ,407, % -12.0% 15.1% 23 Waste from food industry 671,247, ,828, ,345, % 9.6% 20.3% 38 Misc chemical producst 872,278, ,486, ,163, % 11.9% -25.5% 73 Articles of iron and steel 801,949, ,127, ,966, % -20.0% -44.2% Other imports from the Netherlands 5,735,652,823 4,692,521,678 5,298,467, % 11.4% -8.3% Total in Thai Baht 36,964,717,116 28,443,342,527 30,469,518, % 6.6% -21.3% Average ex rates (BOT mid-rate) Total in US Dollars (Customs Department) 1,109,608, ,595, ,492, % -15.4% Total in US Dollars (Bank of Thailand) 1, % -16.8%

5 Thai trade with ASEAN and selected countries (in US dollar terms) With the exception of Singapore, Thai trade within ASEAN in 2010 has fully recovered to pre-crisis levels. Thailand s import from Myanmar is almost exclusively natural gas, and the lower level of import in 2010 reflects a lower gas price compared to With the exception of Myanmar, Thailand maintains a significant trade surplus with all ASEAN member states. Thai trade with South Korea, Taiwan and Australia performed well in 2010, and surpassed pre-crisis levels seen in Switzerland is Thailand s largest trading partner in Europe. Thai imports from Switzerland more than doubled in 2010 when compared to 2009, and Thai exports to Switzerland expanded by more than 30 percent. Thai Imports Thai Exports >10 08> >10 08>10 ASEAN 30, , , % 0.62% 40, , , % 10.42% Malaysia 9, , , % 10.10% 9, , , % 6.62% Indonesia 5, , , % 4.92% 6, , , % 16.16% Singapore 7, , , % % 10, , , % % Myanmar 3, , , % % 1, , , % 55.71% Philippines 2, , , % 4.32% 3, , , % 39.11% Vietnam 1, , , % -3.71% 5, , , % 16.50% Laos % 21.49% 1, , , % 20.26% Cambodia % % 2, , , % 14.80% Brunei % 12.68% % 3.99% Selected others Korea, South 6, , , % 17.44% 3, , , % -1.61% Taiwan 6, , , % 9.57% 2, , , % 19.54% Australia 5, , , % 14.15% 7, , , % 17.38% Switzerland 3, , , % 30.30% 1, , , % % Thai imports from China (in Thai Baht terms) China s rising importance in the region and in Thailand is evident. China s share in Thai imports rose from 12.34% in 2009 to 14.29% in Below is an breakdown of Thailand s main imports from China by products group. Most of these products groups are the same as listed under Thai imports from the Netherlands (see page 4). Particular strong growth is seen in product groups 84 & 8% (Non-electrical & electrical machinery), 90 (Optical equipment), 39 (Plastic and articles thereof) and in 39 (Organic chemicals) Thai imports from the China (top 12 by Harmonised System (HS) code) (in Thai Baht) source: Thai Customs Department 09->10 08->10 HS Description Electrical machinery, equipment 180,963,929, ,867,964, ,130,859, % 21.7% 84 Non electrical machinery 144,298,664, ,381,452, ,382,382, % 17.3% 72 Iron and steel 50,331,517,692 14,507,217,285 32,061,840, % -57.0% 73 Articles of iron and steel 29,105,059,350 24,409,132,651 28,979,098, % -0.4% 39 Plastic and articles thereof 19,700,628,942 18,197,003,320 26,691,496, % 26.2% 29 Organic Chemical 15,000,831,378 14,064,510,794 19,610,742, % 23.5% 28 Inorganic chemicals 19,071,992,180 12,614,379,235 15,584,803, % -22.4% 90 Optical equipment 10,160,755,301 9,787,474,471 14,535,994, % 30.1% 38 Misc. Chemicals 15,237,666,485 13,162,372,978 14,332,905, % -6.3% 71 Precious stines & metals 11,596,371,506 11,285,313,268 13,156,223, % 11.9% 76 Aluminium 11,497,842,297 7,734,094,889 12,004,246, % 4.2% 87 Vehicle 8,553,100,354 7,627,172,161 10,906,185, % 21.6%

6 The Netherlands trade with Thailand and East and South East Asia (In Euro terms). (based on statistical data from the CBS) With less than 6 percent share, Asia is a relative small destination for exports from the Netherlands. However, exports to the top 5 destinations in Asia did register a remarkable growth in 2010, when compared to In 2010, some 9.3% percent of all imports in the Netherlands originate from China. In 2011 China is expected to become the 2nd largest exporter to the Netherlands after Germany. In 2010 The Netherlands registered a positive trade balance with South Korea, Singapore and Taiwan. The Netherlands trade with East and South East Asia (Unit: 1,000 Euro) source: Statistics Netherlands export % of import % of >10 total >10 total 2010 China 4,588,711 5,429, % 1.47% 21,947,764 30,902, % 9.30% South Korea 1,728,050 3,161, % 0.85% 1,740,043 1,873, % 0.56% Japan 2,380,869 3,101, % 0.84% 7,250,611 9,236, % 2.78% Singapore 2,074,365 2,923, % 0.79% 2,251,510 2,659, % 0.80% Taiwan 1,287,951 2,464, % 0.67% 1,851,531 2,421, % 0.73% India 1,667,456 1,717, % 0.46% 2,384,990 3,283, % 0.99% Hongkong 1,150,715 1,304, % 0.35% 1,799,859 2,057, % 0.62% Thailand 702, , % 0.22% 2,357,858 2,800, % 0.84% Maleisië 629, , % 0.20% 4,309,491 5,540, % 1.67% Indonesië 541, , % 0.13% 1,721,271 1,864, % 0.56% Total 309,359, ,492, % 274,020, ,132, % The Netherlands trade in services with Thailand (In Euro terms). (based on statistical data from the CBS) Note: Includes all services carried out by the citizens on one country on behalf of citizens of another country. In 2009 the Netherlands exports and imports of services to and from Thailand stood at 416 and 300 million Euro s, a slight decline from The positive balance in favor of the Netherlands is mostly generated by other services (this includes trans-shipment services for destined for or originating from Thailand, which do not formally enter the Netherlands), and royalty s (this includes royalty fees paid by Thai subsidiaries of Dutch companies to their parent companies in the Netherlands. The much larger number of Dutch travellers to Thailand than Thai travellers to the Netherlands results in a negative balance in transport and travel services. Government services include the budget and expenditure of (or paid through) the Embassy. The Netherlands: import and export of services to and from Thailand Unit: mln EURO source: Statistics Netherlands import export balance import export balance Total Services Transport Travel Communication Construction Insurance Financial Computer & IT Royalty's Other Services Cultural & personal Government

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