The import of tractors to Thailand has been in a consistent decline over the past decade, from a peak value in 2013 of $352.21 million to $168.99 million in 2023. The year-on-year variation indicates a steady negative trend, with the most recent decreases being -3.49% in 2022 and -3.54% in 2023. The compound annual growth rate (CAGR) over the last five years stands at approximately -3.69%, showcasing a persistent downward trajectory. Future forecasts suggest a continued decline, with projected values dropping to $136.58 million by 2028, aligning with a predicted next five-year CAGR of -3.38%.
Key trends to watch for in the future include:
- Impact of technological advancements and potential shifts to more efficient or alternative farming machinery.
- Changes in agricultural policies or subsidies that could influence import volumes.
- Economic conditions affecting purchasing power and investment capacity in the agricultural sector.
- Environmental factors and climate change impacting agricultural productivity and equipment needs.