Thailand Seizes Economic and Trade Opportunities with BRICS
October, 31 2024
At the latest BRICS Summit in Russia on October 23, 2024, Thailand was among 13 nations granted partnership status with BRICS. In the first nine months of 2024, Thai exports to BRICS nations accounted for 19.2% of total exports, valued at $42.77 billion USD, growing 2.0% year-over-year.
BRICS: A Gateway to High-Potential Markets
With 3.6 billion people and some of the world's largest economies, BRICS offers Thailand opportunities to expand trade with high-growth markets such as China, India, and the UAE. Key Thai exports include processed fruits, computers, automobiles, and rubber products, with China leading at 61.7% of total BRICS exports, followed by India at 20.0%.
Investment: China's Leading Role in Thailand
China remains Thailand’s top investor, filing the highest BOI investment promotion applications in 2023, worth 159.39 billion THB. This investment continues to drive Thailand’s economic growth and job creation.
Thailand’s participation in BRICS strengthens its global role, fostering trade, investment, finance, food security, and energy cooperation, while enhancing its influence in shaping international economic policies.