Key Trends and Insights
Thailand-Russia Trade Statistics (2022–2024)
📊 Explore the evolving trade relationship between Thailand and Russia over the past three years—covering total trade volumes, top exported and imported goods, and year-over-year growth rates. This report provides a detailed breakdown of Thailand's trade with Russia, including major sectors, key products, and economic shifts that have influenced bilateral trade dynamics. 🚀 Stay informed with the latest trade data and trends shaping the Thailand-Russia economic partnership.
Data last updated: February 2025
Data last updated: February 2025
Thailand's trade relations with Russia continue to grow despite global economic fluctuations. Over the past three years, significant shifts in import and export volumes have been observed, influenced by demand changes, logistical factors, and market adjustments.
This analysis provides an overview of key trade trends between Thailand and Russia, covering total trade volumes, major export and import commodities, and year-over-year changes from 2022 to 2024.
This analysis provides an overview of key trade trends between Thailand and Russia, covering total trade volumes, major export and import commodities, and year-over-year changes from 2022 to 2024.
1️⃣ Overview of Thailand's Trade with the World and Russia
Thailand has shown steady growth in both exports and imports over the past three years. In 2024, the total trade volume with the world reached 21,445,239.12 million Baht, marking a 7.79% increase compared to 2023. However, the trade balance remained negative as import growth (+8.23%) outpaced export growth (+7.34%).
Trade with Russia accounted for 0.26% of Thailand’s total external trade in 2024. The trade volume with Russia grew by 6.09%, with exports increasing by 8.93%, while imports from Russia saw a more modest rise of 2.74%.
Trade with Russia accounted for 0.26% of Thailand’s total external trade in 2024. The trade volume with Russia grew by 6.09%, with exports increasing by 8.93%, while imports from Russia saw a more modest rise of 2.74%.
| Year | Total Trade (World) | Exports (World) | Imports (World) | Trade Balance (World) | Total Trade (Russia) | Exports (Russia) | Imports (Russia) | Trade Balance (Russia) |
|---|---|---|---|---|---|---|---|---|
| 2022 | 20,526,714.55 | 9,957,072.66 | 10,569,641.89 | -612,569.24 | 64,556.54 | 20,288.05 | 44,268.48 | -23,980.43 |
| 2023 | 19,895,067.87 | 9,827,324.58 | 10,067,743.29 | -240,418.71 | 52,631.21 | 28,423.82 | 24,207.39 | 4,216.43 |
| 2024 | 21,445,239.12 | 10,548,759.21 | 10,896,479.91 | -347,720.70 | 55,834.81 | 30,962.93 | 24,871.88 | 6,091.05 |
📌 Key Takeaways:
✅ Thailand’s global trade is expanding, but imports are outpacing exports, leading to a growing trade deficit.
✅ Trade with Russia continues to grow, although at a slower rate than in 2023.
✅ Thailand maintains a trade surplus with Russia, in contrast to its overall trade deficit with the world.
✅ Thailand’s global trade is expanding, but imports are outpacing exports, leading to a growing trade deficit.
✅ Trade with Russia continues to grow, although at a slower rate than in 2023.
✅ Thailand maintains a trade surplus with Russia, in contrast to its overall trade deficit with the world.
2️⃣ Top Exported Goods from Thailand to Russia (2022–2024)
Thailand’s exports to Russia have been steadily increasing since 2022, despite significant fluctuations across different product categories. In 2024, the total export volume reached 30,962.93 million Baht, marking an 8.93% growth compared to the previous year.
The leading Thai exports to Russia include rubber products, computers and accessories, aircraft parts, industrial goods, cosmetics, food products, and refined fuels.
However, export trends vary significantly:
The leading Thai exports to Russia include rubber products, computers and accessories, aircraft parts, industrial goods, cosmetics, food products, and refined fuels.
However, export trends vary significantly:
- Some categories, such as computers and telecommunications equipment, have shown exponential growth.
- Others, including aircraft parts, refined fuels, and polymers, have declined in 2024.
| Product | 2022 (Million Baht) | 2023 (Million Baht) | 2024 (Million Baht) | Growth Rate 2022 (%) | Growth Rate 2023 (%) | Growth Rate 2024 (%) |
|---|---|---|---|---|---|---|
| Rubber products | 2,795.84 | 4,265.86 | 4,452.94 | -17.09 | 52.58 | 4.39 |
| Automatic data processing machines and parts thereof | 63.99 | 561.86 | 3,121.21 | -63.27 | 778.04 | 455.52 |
| Parts of aircraft and accessories thereof | 45.07 | 4,166.94 | 2,571.77 | -96.71 | 9,145.62 | -38.28 |
| Machinery and parts thereof | 1,483.17 | 3,054.43 | 1,867.88 | -17.12 | 105.94 | -38.85 |
| Prepared or preserved fish, crustaceans, molluscs in airtight containers | 984.67 | 1,086.04 | 1,186.45 | 61.14 | 10.3 | 9.25 |
| Precious stones and jewellery | 226.86 | 1,409.99 | 1,123.97 | -67.28 | 521.54 | -20.29 |
| Prepared or preserved fruits | 1,620.57 | 907.10 | 1,121.55 | 11.33 | -44.03 | 23.64 |
| Beauty or make up preparations, soap and preparations for the care of skin | 362.92 | 830.58 | 1,081.71 | 37.89 | 128.86 | 30.23 |
| Other industrial products | 154.08 | 322.66 | 1,035.22 | -42.85 | 109.41 | 220.84 |
| Polymers of ethylene, propylene, etc in primary forms | 1,703.05 | 1,079.12 | 941.37 | 23.36 | -36.64 | -12.77 |
| Sauces and preparations therefor | 527.72 | 545.25 | 737.79 | 41.33 | 3.32 | 35.31 |
| Footwear and parts thereof | 359.78 | 743.11 | 723.56 | -2.87 | 106.55 | -2.63 |
| Refine fuels | 1,020.48 | 998.89 | 626.18 | 62.77 | -2.12 | -37.31 |
| Teleprinters, telephone sets and parts thereof | 70.43 | 303.97 | 614.95 | -81.24 | 331.6 | 102.31 |
| Rubber | 549.68 | 252.09 | 578.81 | -47.15 | -54.14 | 129.6 |
| Sum 15 item | 11,968.3 | 20,527.91 | 21,785.35 | -15.5 | 71.52 | 6.13 |
| Other | 8,319.76 | 7,895.91 | 9,177.58 | -55.01 | -5.09 | 16.23 |
| Summarry | 20,288.05 | 28,423.82 | 30,962.93 | -37.87 | 40.1 | 8.93 |
📌 Key Takeaways:
✅ Exports to Russia continue to grow, though at a slower rate compared to 2023.
✅ Fastest-growing categories: computers, telecommunications equipment, cosmetics, sauces, and industrial goods.
✅ Declining categories: aircraft parts, refined fuels, machinery, and some raw materials.
✅ The market is undergoing restructuring, possibly due to changes in logistics and consumer demand.
✅ Exports to Russia continue to grow, though at a slower rate compared to 2023.
✅ Fastest-growing categories: computers, telecommunications equipment, cosmetics, sauces, and industrial goods.
✅ Declining categories: aircraft parts, refined fuels, machinery, and some raw materials.
✅ The market is undergoing restructuring, possibly due to changes in logistics and consumer demand.
3️⃣ Top Imported Goods from Russia to Thailand (2022–2024)
Thailand’s imports from Russia reached 24,871.88 million Baht in 2024, showing a modest increase of 2.74% compared to 2023. While overall imports continued to rise, the growth rate has slowed significantly over the past three years.
The key imported goods from Russia include fertilizers, metals, chemicals, agricultural products, coal, and refined fuels. However, import trends show significant shifts across categories:
The key imported goods from Russia include fertilizers, metals, chemicals, agricultural products, coal, and refined fuels. However, import trends show significant shifts across categories:
- Growing categories: Fertilizers (+43.78%), chemicals (+83.97%), and livestock products (+247.18%).
- Declining categories: Iron and steel (-75.99%), coal (-37.89%), and precious metals (-87.75%).
| Product | 2022 (Million Baht) | 2023 (Million Baht) | 2024 (Million Baht) | Growth Rate 2022 (%) | Growth Rate 2023 (%) | Growth Rate 2024 (%) |
|---|---|---|---|---|---|---|
| Fertilizer and pesticide | 10,036.34 | 7,088.99 | 10,192.54 | 77.08 | -29.37 | 43.78 |
| Other metal ores, metal waste scrap, and products | 4,645.03 | 3,211.84 | 3,057.22 | -12.48 | -30.85 | -4.81 |
| Chemicals | 172.42 | 1,415.25 | 2,603.59 | 37.01 | 720.83 | 83.97 |
| Vegetables and vegetable products | 1,207.94 | 1,895.46 | 2,391.52 | -22.34 | 56.92 | 26.17 |
| Fresh aquatic animals, chilled, frozen, processed and instant | 2,361.08 | 1,551.52 | 1,667.56 | 1.40 | -34.29 | 7.48 |
| Animals and animal products | 17.07 | 353.46 | 1,227.17 | -90.73 | 1,970.79 | 247.18 |
| Iron, steel and products | 4,066.41 | 4,466.28 | 1,072.49 | -26.98 | 9.83 | -75.99 |
| Coal | 2,686.77 | 1,247.67 | 774.97 | 88.34 | -53.56 | -37.89 |
| Mineral and mineral products | 602.19 | 893.34 | 523.32 | 17.37 | 48.35 | -41.42 |
| Others | 313.29 | 185.63 | 278.77 | 80.92 | -40.75 | 50.17 |
| Edible meat | 339.68 | 273.12 | 190.98 | 8.10 | -19.59 | -30.07 |
| Plastic products | 184.09 | 173.28 | 166.46 | 39.78 | -5.87 | -3.93 |
| Wood in rough, sawn or chipped wood and products | 246.68 | 210.89 | 156.62 | -0.95 | -14.51 | -25.73 |
| Munitions used in official services | 279.31 | 172.38 | 155.14 | 31.77 | -38.28 | -10.00 |
| Jewellery including silver bars and gold | 7,462.38 | 680.65 | 83.41 | 425.10 | -90.88 | -87.75 |
| Sum 15 item | 34,620.68 | 23,819.76 | 24,541.77 | 37.50 | -31.20 | 3.03 |
| Other | 9,647.81 | 387.64 | 330.11 | -67.27 | -95.98 | -14.84 |
| Summary | 44,268.48 | 24,207.39 | 24,871.88 | -19.01 | -45.32 | 2.74 |
📌 Key Takeaways:
✅ Imports from Russia are growing, but at a much slower rate than before.
✅ Fastest-growing categories: fertilizers, chemicals, and livestock products.
✅ Declining categories: iron and steel, coal, and precious metals.
✅ Shift in import structure: Reduced energy and metal imports, while agricultural and chemical imports are increasing.
✅ Imports from Russia are growing, but at a much slower rate than before.
✅ Fastest-growing categories: fertilizers, chemicals, and livestock products.
✅ Declining categories: iron and steel, coal, and precious metals.
✅ Shift in import structure: Reduced energy and metal imports, while agricultural and chemical imports are increasing.
📌 Conclusion
📊 Over the past three years, Thailand-Russia trade has evolved, adapting to changing economic and logistical conditions. In 2024, Thailand's exports to Russia continued to grow, while imports from Russia showed only a slight increase.
✅ Key trends of 2024:
🚀 This information is based on 2024 data and will be updated as new reports become available.
✅ Key trends of 2024:
- Exports: Strengthening positions in electronics, cosmetics, and industrial products.
- Imports: Increased supply of fertilizers and chemicals, while coal, metals, and precious metals declined.
- Total trade between the two countries grew by 6.09%, with Thailand maintaining a trade surplus.
🚀 This information is based on 2024 data and will be updated as new reports become available.