Business and Market Overview on Thailand

ECONOMY. Thailand has a lessening-issue pronounce economy driven by mighty foreign investments and export oriented manufacturing especially in electronics, foods and automobiles. Thailand’s exports account for 60% of the country’s GDP. Thailand experienced sealed economic amassing prior to the Asian economic crisis of 1997 taking into consideration than GDP gathering averaging 9.4% annually. However, the crisis adversely affected businesses in Thailand and saying the value of the Thai Baht ensue less by on peak of 50% adjoining the US dollar. Since the crisis, the economy has grown almost a totaling together alleyway.

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Thailand’s GDP was US$163.5 billion moreover a GDP per capita of US$2,537 in 2004. Thailand’s GDP grew by an average of 4.6% annually from 2000 to 2004 driven mainly by exports of high technology products mainly electronics. Inflation remained under 2.0% from 2000 to 2003 but increased to 2.8% by 2004. However, unemployment showed a declining trend from 3.6% in 2000 to 1.8% by 2004.

Nearly 60% of Thailand’s workforce is functional in the agriculture industry but contributed to unaccompanied 9.8% of the country’s GDP in 2004. The services industry contributed towards 46.1% of Thailand’s GDP and manufacturing 44.1% during the era. Major industries adjoin tourism, electronics, textiles and garments, processed foods, beverages, agriculture manufacture, jewellery, furniture, plastics, vehicles and vehicle parts and mining of tungsten and tin. Major agriculture products partner rice, tapioca, rubber, corn, sugarcane, coconuts, soybean and milk.

DEMOGRAPHY. Ethnic Thais account for 75% of Thailand’s 65 million population and substitute 11% are Chinese or Sino-Thais who have assimilated into the Thai culture or are from polluted marriages. Minorities adjoin Malays who lived mainly in southern Thailand and account for 4% of the population. Others put in the Mon, Lao, Khmers, Puan and Karen minorities and immigrants from India. Nearly 95% of the country’s population are Buddhists even if Malays in Thailand are predominantly Muslims. Thai is the national language even though languages used by the minorities put in Malay, Isan and Khmer. Schools teach English but skill is low and generally, the educated elite are more capable like the language.

The majority of the Thai population yet living in the rural communities though the proportion of the urban population is increasing. Thailand’s urban population increased from 22% of the quantity population in 2000 to 31% by 2004. Thailand’s capital and major city Bangkok accounts for up for 8% of the country’s gigantic population. Other major cities gather together Nonthaburi, Pak Kret, Hat Yai, Nakhon Ratchasima, Chiang Mai and Udon Thani.

Thailand successfully edited the poverty level from 27% in 1990 to 10% by 2004. The proportion of the population categorised belonging in the low-pension household is estimated at 60% even though center and high-pension households account for 30%. The average household allowance in Bangkok is twice than the national average.

INFRASTRUCTURE. Telecommunication services to the general public are overall enough. Internet broadband services are mostly concentrated in Bangkok. Cities and towns are capably amalgamated by roads but lacks super highways connecting Thailand’s cities and major towns. Cities the major towns are served by airports and capably linked by buses and rail system.

INTERNATIONAL TRADE. Thailand’s major trading relatives include Japan, US, China, Hong Kong, Singapore, Malaysia and Taiwan. Main exports from Thailand append electronics, vehicle and vehicle parts, textiles, garments, footwear, seafood, processed foods, rice, rubber, jewellery, electrical appliances including computers. Main imports be later to occurring machineries and equipments, raw materials and finished products, consumer goods and fuels.

CONSUMER USAGE OF TECHNOLOGY. There were approximately 17.3 million installed unmodified-stock telephones in 2004 giving a insight of 40% of all Thai homes installed to the lead telephones. The insight of mobile phones increased from just 7% of the population in 2001 to 42% or 27 million mobile phones by 2004. The courteous judgment of computers is still low but increased from 5.1% of the households in 2001 to in version to 12% by 2004. The number of internet users reached an estimated 8 million in 2004 but most of the internet users are concentrated in Bangkok and the major cities and towns. The extremity of television in homes in 93% indicating many low-income homes have televisions.

RETAIL MARKET. The retail industry in Thailand totalled an estimated US$24.5 billion in 2004. There are not in the estrange off from 300,000 conventional “mom and pop” stores in Thailand accounting for 65% of the unconditional retail sales. However, there are 4,500 dissenter retail establishments (hypermarkets, supermarkets, department stores and ease of treaty stores) accounting for 35% of the genuine retail sales. Most of the futuristic retail establishments are located in Bangkok. Shopping in ahead of its period retail establishments is increasingly popular and more establishments highly thought of in the muggy highly developed.

FOOD CULTURE. Rice is the staple food but even though those in central and southern Thailand select white fragrant rice those in northern Thailand select the glutinous variety. Thai dishes are generally hot and spicy but foods from the northern region are generally milder. Thais are less adapting to western foods even though they could afford it compared to consumers in Singapore and Malaysia. However, bakery and coffer shop chains are goings-on popularity surrounded by youngster professionals who have adapted to western culture.

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