Thailand's chemical and chemical product exports to the UK have been on a steady decline since 2013. The peak value was observed in 2013 with $141.68 million and has decreased to $83.091 million in 2023, reflecting a compound annual growth rate (CAGR) of -1.63% over the last five years. The yearly variations have been inconsistent with both significant drops and mild recoveries. Notably, the year-on-year change from 2022 to 2023 was -2.11%, indicating a continuation of the downward trend.
Forecasted values for the next five years suggest this decline will persist, with a projected CAGR of -1.89%, leading to an estimated export value of $73.473 million by 2028, representing a forecasted 5-year growth rate of -9.09%.
Future trends to watch for:
- Potential shifts in trade policies post-Brexit that may impact tariffs and trade barriers.
- Global economic conditions, including potential recessions or growth periods in the UK.
- Technological advancements and innovation within the chemical sector that could affect competitiveness and demand.
- Environmental regulations and the push for sustainable practices which may drive significant industry changes.
- Geopolitical factors that could affect trade relations and logistics between Thailand and the UK.
