The import value of ships, boats, and other floating structures to Thailand has shown significant volatility over the past decade. From 2013 to 2023, imports peaked at $2.7625 billion in 2013 and saw a significant decline to $0.93142 billion in 2023, marking an overall downward trend. Notably, the year-on-year variation in 2023 was a small decline of -2.75%, continuing the decreasing trend with a CAGR of -2.53% forecasted for the next five years.
Key Trends and Observations:
- Sharp declines were noted in 2014, 2015, and 2016, with respective year-on-year drops of -28.1%, -28.05%, and -33.37%.
- A brief recovery occurred in 2017 with a 74.12% increase in imports, followed by another significant drop in 2018 by -47.61%.
- The period from 2019 to 2023 showed fluctuations, with a notable drop in 2020 by -45.51%, followed by a recovery of 77.21% in 2021.
- The import value stood at $0.93142 billion in 2023.
Future Trends to Watch:
- Continued decline: With a forecasted CAGR of -2.53% over the next five years, the import value is estimated to decrease to $0.7951 billion by 2028.
- Potential market shifts: External factors such as global economic conditions, regulatory changes, and advancements in maritime technology could impact the import trends either positively or negatively.
- Investment in domestic production: A shift towards increasing local capacity for ship and boat manufacturing could reduce dependency on imports.
