The import of mineral fuels, oils, and distillation products to Thailand has shown significant fluctuations from 2013 to 2023. In 2023, the import value stood at $42.108 billion, reflecting a year-on-year increase of 1.8% from 2022. The data from the past years indicates substantial volatility, with notable declines between 2014 and 2016, followed by recovery and growth spikes in 2018 and 2021. Over the last 5 years, the compound annual growth rate (CAGR) stands at 0.03%, suggesting a relatively stable but marginal growth.
Looking forward, the forecasted data from 2024 to 2028 suggests a gradual increase in import values, with a projected CAGR of 1.39% over the next five years. By 2028, the import value is expected to reach $46 billion, marking a forecasted growth rate of 7.16% from 2023.
Future trends to watch for include:
- Global oil price fluctuations and their impact on Thailand's import values.
- Changes in Thailand's energy policies and its shift towards renewable energy sources.
- Geopolitical factors affecting trade routes and supply chains.
- Economic recovery and industrial demand post-COVID-19.
