Thailand's chemicals and chemical products exports to Japan have demonstrated variable trends over the last decade. Notably, the value peaked in 2018 at $2.1217 billion, after experiencing significant fluctuations such as a major decline in 2015 and 2016. The export value rebounded in the subsequent years, reaching $2.3051 billion in 2023, a 2.67% year-on-year increase from 2022. Over the last two years (2022-2023), exports have grown at an average rate of around 5.44% per year.
From 2024 onwards, the forecasted data shows a steady growth trajectory, with an anticipated Compound Annual Growth Rate (CAGR) of 2.02% over the next five years, culminating in a 10.53% total growth rate by 2028. This indicates a stable and moderate expansion in exports, reflecting industry maturation and consistent demand from Japan.
Future trends to watch for include:
- Economic policies and trade agreements between Thailand and Japan, which could significantly impact export volumes.
- Technological advancements in chemical production that might drive efficiency and competitiveness for Thai exporters.
- Market demand shifts in Japan, potentially influenced by environmental regulations and a transition towards sustainable and eco-friendly chemicals.
- Global economic conditions that can affect exchange rates and overall trade dynamics between the two nations.
