Thailand's pharmaceutical exports to Indonesia have shown fluctuating growth over the past decade. Beginning with $20.526 million in 2013, the values dipped to $16.2 million in 2014 and fluctuated each year thereafter. By 2023, the export value stood at $22.124 million. The variation over the last two years, with a slight decrease of 7.06% in 2022 followed by a marginal increase of 2.15% in 2023, indicates a relatively stable trend. The Compound Annual Growth Rate (CAGR) over the last five years leading up to 2023 was 2.76%, suggesting moderate long-term expansion.
Future projections indicate continued growth, with forecast values increasing incrementally each year up to $24.417 million by 2028. The anticipated CAGR from 2024 to 2028 is 1.43%, translating to a total forecast growth rate of 7.36% over the five years.
Future trends to watch for include:
- Changes in trade policies between Thailand and Indonesia.
- The impact of global pharmaceutical supply chain disruptions.
- Increased demand for pharmaceuticals post-pandemic in Indonesia.
- Technological advancements and innovation within Thailand's pharmaceutical sector.
