The import of parts of hydraulic turbines and water wheels to Thailand has seen significant fluctuations from 2013 to 2023, with the highest value recorded in 2013 at $1.4603 million. There was a steep decline beginning in 2014, hitting a low in 2016, followed by modest recovery periods in subsequent years. The values continued to show moderate variations, fluctuating between minor increases and decreases, concluding at $0.44396 million in 2023. Over the last two years, the import values saw a slight decline, with the year-on-year reduction for 2022 and 2023 being -2.67% and -2.68% respectively. The average annual variation over the past five years (CAGR) has been -1.77%.
Looking ahead to the forecasted period from 2024 to 2028, the import values are expected to continue a gradual decline. The CAGR for this period is projected at -2.47%, indicating an average annual reduction in imports by 2.47%, resulting in an overall decrease of -11.73% over the five-year span.
Future trends to watch for include potential policy changes in Thailand affecting imports, advancements in local production capabilities of hydraulic turbine parts, and global economic factors influencing trade. Additionally, the country's increasing focus on renewable energy sources might impact the demand and import volume of these components.
