Bilateral trade between Thailand and Saudi Arabia is forecast to surge by 20% this year after the two countries recently agreed to restore full diplomatic relations for the first time in more than three decades, according to a Commerce Ministry study.
Ronnarong Phoolpipat, director-general of the Trade Policy and Strategy Office (TPSO) under the Commerce Ministry, said the TPSO has studied the opportunities to export products to the Saudi market. It found that Saudi Arabia, which had previously been one of Thailand's export markets, could potentially help boost exports.
He cited data from the World Bank that showed that Saudi Arabia's GDP was valued at US$700 trillion with average per capita income of $46,700 in 2021. Saudi's GDP growth is estimated at 4.9% in 2022 and 2.3% in 2023, driven by higher crude oil prices as well as non-oil-related economic activities.
