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2024
Russia increased fertilizer supplies to Thailand by 50%
In 2024, Thailand significantly increased imports of Russian mixed fertilizers and synthetic rubbers, which contributed to significant growth in monetary terms. Fertilizer supplies increased by 50% and rubber imports increased by 28%. These data were published in February 2025 by the kingdom's customs department.
The total supply of Russian products to Thailand in 2024 reached $705 million, which is 1% more than in 2023. The bulk of supplies are traditionally made up of fertilizers, whose share in imports in 2024 increased by 13 percentage points, reaching 41%. Synthetic rubbers (9%), carbon black (10%) and aluminum (12%) also play a significant role in exports, according to official statistics from the Thai authorities.
Thailand actively uses Russian fertilizers to support the production of crops such as rice and vegetables. Given that Thailand is a major producer of agricultural products in Southeast Asia, Russian supplies continue to play an important role in providing the necessary resources to improve yields and product quality.
Deliveries from Thailand to Russia in 2024 reached $875 million, an increase of 7%. Thailand exports a wide range of goods to Russia, the basis of which was formed by:
- mechanical equipment - 18% (+ 4 pp);
- pneumatic tires - 10% (-2 pp);
- electrical equipment - 10% (+ 1 pp);
- optics, devices, medical equipment - 5% (+ 3 pp).
Thai exports to Russia in 2024 increased mainly due to an increase in the volume of supplies of mechanical equipment (+ 38%). Also, Thailand, being the world's leading producer of natural rubber, in 2024 increased its exports to Russia by more than 2 times[1]
Trade between Russia and Thailand grew by 11% over the year and reached $2 billion
The volume of trade turnover between Russia Thailand and reached $2 billion at the end of 2024, showing an increase of 6 to 11% compared to 2023. Russia Ambassador to Thailand Yevgeny Tomikhin spoke about this in early January 2025.
According to him, Russian and Thai entrepreneurs are actively developing cooperation despite external restrictions. Business communities in both countries are particularly interested in long-term projects in the fields of industry, power, transport, agriculture and pharmaceuticals.
At the same time, according to the Thai Ministry of Trade, cited by TASS, from January to November 2024, the country's trade with Russia amounted to $1.43 billion. This indicator demonstrates a significant improvement compared to 2023, when the total volume of trade decreased by 17% to $1.5 billion.
The resumption of trade turnover growth in 2024 is associated with the intensification of business contacts and a number of successful business forums in Thailand.
 | In the context of tightening the so-called sanctions, the business of the two countries wants to cooperate and is looking for models of interaction, "said Ambassador Yevgeny Tomikhin. |  |
Promising areas of bilateral cooperation are projects in the field of food security, the development of new transport routes and the development of industrial cooperation. Particular attention is paid to expanding interaction in the pharmaceutical industry.
The positive dynamics of trade turnover between Russia and Thailand creates the basis for further expansion of economic cooperation. Business circles of both countries are interested in implementing joint projects and finding new formats of interaction.
The development of trade and economic relations between the countries contributes to the diversification of foreign economic relations and opens up new opportunities for entrepreneurs of both states in the context of the transformation of global markets and supply chains.[2]
2022: Decline in exports to Russia by 40% due to shortages of ships and containers after the imposition of sanctions by the United States and its allies
Imports from Thailand to Russia in the first 10 months of 2022 decreased by 40.31%, amounting to $495 million. The main reason for the reduction in supplies is the lack of ships and containers due to the restrictive measures introduced by Western countries.
2017: Trade turnover between Russia and Thailand increased by 26.7% to $2.2 billion
On February 20, 2018, a series of bilateral meetings of Russian and Thai companies took place, at which the parties discussed possible project areas of cooperation and an algorithm for interaction within the framework of the agreements reached.
During the business mission on February 21, 2018, a plenary meeting was held with the participation of Deputy Minister of Economic Development of the Russian Federation Alexei Gruzdev, who headed the Russian delegation during the visit. He noted that Thailand is one of Russia's key partners in Southeast Asia.
"We observe positive dynamics of economic indicators of Russian-Thai interaction - in 2017, trade turnover increased by 26.7% compared to 2016 and amounted to $2.2 billion," said Alexey Gruzdev. - There are opportunities for expanding cooperation, there are serious reserves and significant potential. First of all, it is necessary to diversify the structure of trade. It is now, unfortunately, largely traditional: Russia supplies mainly mineral raw materials, Thailand - spare parts for vehicles, rubber, food products and agricultural raw materials. Along with the optimization of mutual trade, we need to move on to the implementation of specific, large, mutually beneficial infrastructure projects. "
Anna Belyaeva, Managing Director for International Development of the Russian Export Center, also spoke at the plenary session with a presentation of the REC. She noted that REC in 2017 provided financial and non-financial support to Russian-Thai projects for a total of $41.8 million.
"Financial support was provided primarily to companies in the metallurgical industry and the helicopter industry, the amount of allocated funds amounted to $40 million," Anna Belyaeva said.
The most popular services in the field of non-financial support were market research, the search for international partners and buyers, consulting (logistics, buyers, etc.), as well as certification.
After the plenary session, a memorandum of intent was signed between the Russian Export Center and Eximbank Thailand. Anna Belyaeva and President of Eximbank Thailand Pisit Serevivattana participated in the signing.
On February 22, 2018, for the participants of the business mission, a visit to the facilities of the Eastern Economic Corridor program was organized. Alexey Gruzdev noted that Russian companies are already showing interest in investment projects with Thai companies under the Eastern Economic Corridor program.
Notes
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