Economy of Thailand

Developments in agriculture since the 1960s have supported Thailand's transition to an industrialised economy. As recently as 1980, agriculture supplied 70 percent of employment. In 2008, agriculture, forestry and fishing contributed 8.4 percent to GDP; in rural areas, farm jobs supply half of employment. Rice is the most important crop in the country and Thailand had long been the world's number one exporter of rice, until recently falling behind both India and Vietnam. It is a major exporter of shrimp. Other crops include coconuts, corn, rubber, soybeans, sugarcane and tapioca. Thailand has been the largest rice exporter in the world. Forty-nine percent of Thailand's labor force is employed in agriculture. Thailand is the world's third-largest seafood exporter. Overall fish exports were worth around US$3 billion in 2014, according to the Thai Frozen Foods Association. Thailand's fishing industry employs more than 300,000 persons. Thailand is the world's second-largest exporter of gypsum (after Canada), although government policy limits gypsum exports to support prices. In 2003 Thailand produced more than 40 different minerals, with an annual value of about US$740 million. In September 2003, to encourage foreign investment in mining the government relaxed its restrictions on mining by foreign companies and reduced mineral royalties owed to the state.

Thailand is the ASEAN leader in automotive production and sales. The sector employed approximately 417,000 workers in 2015, representing 6.5 per cent of total employment across all manufacturing industries and accounting for roughly 10 percent of the country's GDP. In 2014, Thailand exported US$25.8 billion in automotive goods. As many as 73 percent of automotive sector workers in Thailand face a high risk of job loss due to automation.

Gem and jewelry exports are Thailand's third-largest export category by value, trailing automotive and parts and computer components. In 2019, gem and jewelry exports, including gold, exceeded US$15.7 billion, up 30.3% from 2018 (486 billion baht, up 26.6%). Key export markets included ASEAN, India, the Middle East, and Hong Kong. The industry employs more than 700,000 workers according to the Gem and Jewelry Institute of Thailand (GIT).

Thailand's 2004 energy consumption was estimated at 3.4 quadrillion British thermal units, representing about 0.7 percent of total world energy consumption. Thailand is a net importer of oil and natural gas; however, the government is promoting ethanol to reduce imports of petroleum and the gasoline additive methyl tertiary butyl ether. In 2005 Thailand's daily oil consumption of 838,000 barrels per day (133,200 m3/d) exceeded its production of 306,000 barrels per day (48,700 m3/d). Thailand's four oil refineries have a combined capacity of 703,100 barrels per day (111,780 m3/d). The government is considering a regional oil-processing and transportation hub serving south-central China. In 2004, Thailand's natural-gas consumption of 1,055 billion cubic feet (2.99×1010 m3) exceeded its production of 790 billion cubic feet (2.2×1010 m3). Thailand's 2004 estimated coal consumption of 30.4 million short tons exceeded its production of 22.1 million. As of January 2007, proven oil reserves totaled 290 million barrels (46,000,000 m3) and proven natural-gas reserves were 14.8 trillion cubic feet (420 km3). In 2003, recoverable coal reserves totalled 1,493 million short tons. In 2005, Thailand used about 118 billion kilowatt hours of electricity. Consumption rose by 4.7 percent in 2006, to 133 billion kWh. According to the Electricity Generating Authority of Thailand (the national electricity utility), power consumption by residential users is increasing due to more favorable rates for residential customers than for the industry and business sectors. Thailand's electric utility and petroleum companies (also state-controlled) are being restructured.