Global GDP Growth: Overview
Real GDP is computed using prices from the base year adjusted for inflation. A measure of economic growth, real GDP changes demonstrate whether the economic activity has increased or decreased. The US, China, Japan, Germany, and India have the top five economies in the world in terms of real GDP. With a value of $12.7 trillion, China had the second-largest real GDP behind the US in 2021. Japan ranked third globally with a $6 trillion real GDP during the same period. The next two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Thailand Exports: Overview
Thailand’s total exports declined by 20% in 2020 amid COVID-19 restrictions. According to Global Data, imports declined by 16.7% due to trade restrictions and lower demand for goods and services.
Nuclear reactors, boilers, and machinery products’ share of total exports decreased over the last four years, falling from 17.3% in 2016 to 16.4% in 2020. Thailand accounted for 1.94% of global exports of nuclear reactors, boilers, and machinery products in 2020 amid the COVID-19 pandemic.
The export of electrical machinery is one of the largest industries in Thailand and the government has taken various steps to promote the country’s position in the international market. The country’s third major export commodity is vehicles other than railway or tramway rolling stock, which accounted for 10.5% of exports in 2020.
The US, China, and Japan were Thailand’s top three trading partners in 2020; they accounted for 40.93% of total trade (exports and imports).
Thailand Exports as a % of GDP
Exports as a % of GDP of Thailand was 59.6% in 2021, while Thailand’s exports as a % of GDP was grew by 13.0% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Thailand decreased by 10.6%. The exports as a % of GDP were highest in the year 2011 (71.1%), and lowest in the year 2020 (52.7%).
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