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BRICS+ Series: Thailand's Economic Integration with BRICS
Effective January 1, 2025, Thailand became a BRICS Partner Country, a culmination of a decade of strengthening economic and bilateral ties through strategic partnerships in trade, investment, infrastructure development, and regional integration, solidifying its role as a vital Southeast Asian representative within the BRICS bloc.
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Effective January 1, 2025, Thailand became a BRICS Partner Country, a culmination of a decade of strengthening economic and bilateral ties through strategic partnerships in trade, investment, infrastructure development, and regional integration, solidifying its role as a vital Southeast Asian representative within the BRICS bloc.
China: Thailand's Largest Trading Partner and Strategic Investor
China stands as Thailand's most significant BRICS partner, a position it has held as Thailand's primary trading partner for over ten years. In 2023, the trade between the two nations reached US$135 billion, representing more than 18% of Thailand's total trade volume. Thailand's key exports to China include rubber, electronic components, processed food, and agricultural goods, while its main imports consist of machinery, electronics, and steel.
In 2022, China invested 77.4 billion baht in Thailand's automotive, electronics, and renewable energy sectors. The China–Thailand High-Speed Rail, part of BRI, will connect Bangkok to the Laos-China Railway, supporting Thailand's EEC strategy to become an innovation hub.
Thailand has actively collaborated with China on initiatives aimed at digital economy integration and facilitating e-commerce. Through joint efforts between the Thai Ministry of Commerce and Alibaba Group, thousands of small and medium-sized Thai enterprises (SMEs) have gained access to the Chinese market via cross-border platforms.
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India: Rising Trade and Investment Connectivity
Within BRICS, India stands out as a key economic partner for Thailand. Bilateral trade between the two countries reached US$17.7 billion in 2023, a significant increase from US$14.9 billion in 2021. Thailand's primary exports to India include electronics, gems and jewelry, chemical products, and automobiles, while its imports are mainly composed of refined petroleum, machinery, and pharmaceuticals.
India and Thailand participate in the India-ASEAN Free Trade Agreement and are negotiating a CEPA. Indian businesses are increasing investments in Thailand's manufacturing and food processing, with Tata Group expanding its automotive operations, making Thailand a regional hub.
Strong air connectivity and cultural connections also bolster commercial ties. In 2024, more than 1.8 million Indian tourists visited Thailand, significantly boosting the local economy and strengthening the people-to-people bonds that often pave the way for increased trade.
Russia: Trade, Energy, and Agri-exports
In 2023, Thailand-Russia trade reached US$1.5 billion. Thailand exports processed foods, rubber goods, and automotive components to Russia, while importing fertilizers, metals, minerals, and energy products. Thailand is also a key agricultural exporter to Russia, supplying rice, seafood, and tropical fruits.
Energy cooperation between Thailand and Russia is expanding, with Russian energy companies showing interest in investing in Thailand's LNG infrastructure. This aligns with Thailand's strategy to diversify its energy sources. Additionally, both nations are discussing the use of national currencies for trade settlements, which would further strengthen financial cooperation within the BRICS framework.
Tourism forms another crucial economic connection. In 2024, Russian visitors to Thailand surpassed 1.5 million, significantly boosting revenue for local businesses and the hospitality sectors, especially in popular destinations like Phuket, Pattaya, and Krabi.
Brazil: Agribusiness, Machinery, and Biotech
Bilateral trade between Thailand and Brazil, reaching US$5.3 billion in 2023, demonstrates a complementary relationship focused on food and industrial inputs. Brazil's primary exports to Thailand include soybeans and poultry feed, while Thailand reciprocates with electronics, rubber, and automobiles.
Thailand and Brazil are increasing collaboration in agritech and biotechnology, focusing on sugarcane biofuel, food safety, and agricultural machinery, aligning with Thailand's food security and energy resilience goals. A 2024 MoU between Brazil's Embrapa and Thailand's NSTDA will boost biotechnology research cooperation.
South Africa: Gateway to Africa
Within Sub-Saharan Africa, South Africa is Thailand's most important economic partner. In 2023, the two countries' bilateral trade volume reached US$1.1 billion. Thailand primarily exported electronics, motor vehicles, rice, and plastics, while South Africa's main exports were minerals, wine, and fruits.
Thailand is utilising its connection with South Africa to gain entry into the larger African Continental Free Trade Area (AfCFTA), a market encompassing over 1.3 billion individuals. Thai conglomerates such as CP Group and SCG are actively seeking collaborations and investment prospects in Southern Africa, particularly in the sectors of logistics, agro-processing, and retail distribution.
Thailand is keen on expanding trilateral cooperation with BRICS nations in Africa. There's an expectation that South-South infrastructure financing, particularly through the New Development Bank (NDB), will significantly increase from 2025 onwards.
