Non-oil trade, inclusive of free zone activities, between the UAE and Thailand amounted to $5.2 billion in 2015, according to a report issued by the UAE Ministry of Economy.

The report mentioned premium raw aluminum, ornaments and precious metals as the main exports from Thailand, with cars and vehicles for transport of people and goods as well as jewellery counting among the primary imports into the country.

Hind Al Youha, director of foreign trade policies in the Ministry’s Foreign Trade Sector, said that the report is in line with the ministry’s objective of improving public and private sector awareness on the trade and investment the UAE’s key economic partners.

The report showed that the Thai economy experienced a decline in GDP growth in 2014, down to 0.9 per cent in comparison with the 7.3 per cent growth in 2012 as a result of high purchasing power.

The report pointed out that Thailand is characterised by a diversified manufacturing sector supported by financial incentives and customs protection. The government has worked towards developing the rubber sector to address global prices, increased supply, and lower demand. Thailand maintains a strong presence in banking, telecommunications and transportation services.

The report indicated that the Thai Government is making improvements to better facilitate trade. It joined the Kyoto amended Convention as of June 2015, and in stages to support the ratification of the trade agreement. – TradeArabia News Service