Things to Know About Wholesale Export Business in Thailand
The Kingdom of Thailand is a Southeast Asian country with an area of 513,115 square kilometers and a population of 68 million people. It is the only country in Southeast Asia that has never been colonized by a European power.
Thailand’s economy is one of the most robust in Southeast Asia, with the 4th largest GDP in the region and 6th largest in Asia.
Things To Know About Wholesale Export Business In Thailand
1. The Gateway to Asia
Thailand is a country situated in the Southeast Asia region with its neighboring countries, including Myanmar (Burma), Laos, Cambodia, and Malaysia. Therefore, it is considered a strategic location that serves as a convenient “link” to other nations in the region, allowing for easier international business transactions, especially in the export business.
In addition, Thailand is one of the founding members of ASEAN and has been active in the formation and development of the ASEAN Free Trade Area, therefore reducing the import duties that businesses in the country have to pay.
Thailand is perfectly placed at the crossroads of Asia and offers easy access to the region’s dynamic markets, including its domestic consumer market of more than 66.17 million people in 2021 (according to BOI).
2. Thailand’s 21st Rank on “Ease of Doing Business”
The World Bank conducts a yearly study on the “ease of doing business” in 190 different countries around the world that looks at domestic and medium-sized organizations, Thailand included.
In this ranking, Thailand is positioned at 21st out of 190 countries in 2020 (the latest available research). Receiving an overall score of 80.1 which is relatively high, when compared to the number 1 country, New Zealand receives 86.8 points. Moreover, Thailand also obtains admirable scores on various topics such as:
- Starting a business: 92.4 scores
- Trading across borders: 84.6 scores
- Paying business taxes: 77.7 scores
Additionally, Forbes listed the country as the 8th best-emerging market in 2020. This shows that Thailand is among the most successful countries in Southeast Asia for foreign businesses and foreign investors alike.
3. Thailand’s Economy is Growing, Despite COVID-19
We all know that the COVID-19 pandemic has disrupted businesses across all sectors. As a result, Thailand’s GDP fell by 6.2% in 2020 and the situation is considered the largest contraction since the Asian financial crisis. Despite the setback, the country was able to grow back its GDP by 1.6% at the end of 2021. Even though the COVID Omicron variant is still a significant issue, Thailand’s economy is expected to grow by 3.5 – 4.5% in 2022, driven by fiscal policy, exports, and investments from foreign entities.
As stated above, the country’s economy is in recovery and continues to gain positive momentum and starting a business here has never been easier. If you are an entrepreneur planning to launch a wholesale or export business, now is the best time to do so.
4. Thailand Has a Strong Export Potential
Thailand is a country known for its “export-oriented” economy with 65% of its GDP coming from the export sector. According to sources, it is also ranked as the 24th country with the most goods and services exported, which are valued at over 270 Billion US dollars in December of 2021. By the same token, Thailand’s exports by Country in the top 3 positions are:
- The United States – 15% ($34.40 Billion)
- China – 13% ($29.76 Billion)
- Japan – 10% (22.88 Billion)
Furthermore, since the majority of export products are dealt at wholesale prices by a manufacturer or wholesaler, this means wholesale in Thailand is able to grow, due to its relation to the export business. So, any wholesalers in Thailand would gain the opportunity to expand their business internationally. Thus, it is undeniable that Thailand is one of the perfect places to elevate a wholesale and export business.
5. Thai Government Support and Incentives for Foreign Investors
One of the reasons why many foreign entrepreneurs look forward to starting a business in Thailand is due to the support and incentives from the government. The Thailand Board of Investments (BOI) offers investors a wide range of different tax incentives as well as support services, duty exemptions, or reductions for activities that meet the national development objectives. You can learn more about BOI support here.
Thailand’s BOI also coordinates the provision of a “One-Stop Service Center” for Visas and Work Permits, which makes it possible for foreign staff of BOI promoted companies to obtain work permits and long term visas more easily and takes less time. As for the export sector, the Department of International Trade Promotion (DITP) provides individuals who are starting an export business in Thailand with essential support and a whole host of other services.
From all the 5 reasons, we can clearly see that Thailand is one of the best destinations to establish an export business. As for entrepreneurs who are looking for the best wholesale products for their business.
Aec Trade Center – Pantip Wholesale Destination
The largest and most comprehensive wholesale center in the Southeast Asia region.
With the concept, Food Destination Center, wholesalers can find quality and variety of food products and services at the best price from manufacturers and dealers. Not to mention, AEC TRADE CENTER has an effective Solution Service Center (SSC) that offers exclusive support services for wholesalers and customers such as Business Matching Area, B2B/B2B2C Parking Space, Loading Zone, Live Feeding & Studio, and many more.
To create a better wholesale online experience, AEC TRADE CENTER also integrates the services with PhenixBox, a B2B/B2B2C omni channel wholesale platform via the website and application that provides seamless O2O trading. It hosts various unique features, including Group Purchase, Seller Store, E-Catalog, and more. Allowing for convenience, safety, and 24-hour trading for both wholesalers and customers. Along with the Chinese alliances from CCC Group, “Yiwu”.
It is known as “the largest small commodity wholesale market in the world” by the United Nations, the World Bank and Morgan Stanley. In 2020, they opened their physical store called “YIWU SELECTION THAILAND SHOWCASE” at AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION, BANGKOK, THAILAND. Their service will help customers find a reliable partner in China who can offer qualified service and trustable after-sale service. They will help you find great China suppliers with reasonable prices and more related services. Besides, YIWU SELECTION THAILAND SHOWCASE is one of the key online stores among many on the PhenixBox platform. All of which can effectively enhance the growth of your business in Thailand.
For more information, please visit AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION
Name of company : AEC Trade Center Pantip Wholesale Destination
Address : 604/3 Phetchaburi Rd, Thanon Phaya Thai, Ratchathewi, Bangkok, Thailand 10400
Email : firstname.lastname@example.org
Tel : +6661-416-6790
Website : www.aectradecenter-th.com