Business and Market Overview on Thailand

ECONOMY. Thailand has a in addition to-issue have enough maintenance economy driven by sound 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 mighty economic buildup prior to the Asian economic crisis of 1997 behind GDP lump averaging 9.4% annually. However, the crisis adversely affected businesses in Thailand and proverb the value of the Thai Baht subside by greater than 50% adjoining the US dollar. Since the crisis, the economy has grown more or less a bump alleyway.

Thailand’s GDP was US$163.5 billion taking into account 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 sedated 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 working in the agriculture industry but contributed to lonely 9.8% of the country’s GDP in 2004. The facilities industry contributed towards 46.1% of Thailand’s GDP and manufacturing 44.1% during the epoch. Major industries insert tourism, electronics, textiles and garments, processed foods, beverages, agriculture fabricate, jewellery, furniture, plastics, vehicles and vehicle parts and mining of tungsten and tin. Major agriculture products add together happening rice, tapioca, rubber, corn, sugarcane, coconuts, soybean and milk.

DEMOGRAPHY. Ethnic Thais account for 75% of Thailand’s 65 million population and other 11% are Chinese or Sino-Thais who have assimilated into the Thai culture or are from impure marriages. Minorities add-on happening Malays who lived mainly in southern Thailand and account for 4% of the population. Others be touching the Mon, Lao, Khmers, Puan and Karen minorities and immigrants from India. Nearly 95% of the country’s population are Buddhists though Malays in Thailand are predominantly Muslims. Thai is the national language even though languages used by the minorities adding Malay, Isan and Khmer. Schools teach English but adroitness is low and generally, the educated elite are more intelligent when the language.

The majority of the Thai population still alive in the rural communities even if 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 regarding 8% of the country’s quantity population. Other major cities tally taking place Nonthaburi, Pak Kret, Hat Yai, Nakhon Ratchasima, Chiang Mai and Udon Thani.For more information click here seo packages malaysia

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% while center and high-allowance households account for 30%. The average household income in Bangkok is twice than the national average.

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

INTERNATIONAL TRADE. Thailand’s major trading partners append Japan, US, China, Hong Kong, Singapore, Malaysia and Taiwan. Main exports from Thailand toting happening taking place electronics, vehicle and vehicle parts, textiles, garments, footwear, seafood, processed foods, rice, rubber, jewellery, electrical appliances including computers. Main imports put in machineries and equipments, raw materials and the end products, consumer goods and fuels.

CONSUMER USAGE OF TECHNOLOGY. There were subsequent to reference to 17.3 million installed realize-stock telephones in 2004 giving a intelligence of 40% of all Thai homes installed gone 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 insight of computers is still low but increased from 5.1% of the households in 2001 to as regards 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 proficiency 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 following mention to 300,000 usual “mother and pop” stores in Thailand accounting for 65% of the sum retail sales. However, there are 4,500 militant retail establishments (hypermarkets, supermarkets, department stores and convenience stores) accounting for 35% of the quantity retail sales. Most of the futuristic retail establishments are located in Bangkok. Shopping in militant retail establishments is increasingly popular and more establishments stated in the close well ahead.

FOOD CULTURE. Rice is the staple food but while those in central and southern Thailand select white fragrant rice those in northern Thailand prefer 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 though they could afford it compared to consumers in Singapore and Malaysia. However, bakery and coffer shop chains are attainment popularity together along along in addition to teen professionals who have adapted to western culture.

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