The value of Thailand's chemical and chemical product exports to India stood at 2.1817 billion USD in 2023. Over the past decade, these exports have shown a general upward trend, albeit with intermittent fluctuations. From 2013 to 2017, the segment experienced significant growth, particularly in 2017, with a notable year-on-year increase of 31.97%. The upward momentum continued, with a few dips, leading to a value of 1.618 billion USD in 2020. Post-2020, the segment rebounded strongly, with exports reaching 1.927 billion USD in 2021 and witnessing consistent growth through 2023.
The past two years reflect moderate yet steady growth; 2022 saw a 9.28% increase, while 2023 experienced a 3.6% rise. The five-year CAGR for 2023 was modest at 3%, highlighting an overall stable development trajectory. Looking forward, the forecast until 2028 suggests a consistent growth trajectory with a forecasted five-year CAGR of 2.64%, culminating in a projected value of 2.5722 billion USD in 2028.
Future trends to watch include the impact of global supply chain dynamics, particularly concerning raw material availability and cost, as well as evolving environmental regulations and sustainability practices in both Thailand and India. Bilateral trade policies and economic conditions will also play a critical role in shaping future export trends.
