Thailand’s trade deficit with Saudi Arabia has risen to 166.91 billion baht in the first nine months of this year mainly due to rising oil prices, the Commerce Ministry said.
The statement from the ministry’s permanent secretariat issued recently said bilateral trade between the two kingdoms has risen a lot since ties were normalized for the first time in 32 years this year.
Bilateral relations had soured in 1989 over the Blue Diamond Affair when a Thai janitor stole around US$20 million worth of jewels from a Saudi prince.
However, diplomatic ties were restored in January and bilateral trade picked up almost immediately.
The first nine months of the year saw 265.29 billion baht worth of business between the two countries, marking a 65.52% surge from the same period last year.
Thailand’s exports to Saudi Arabia accounted for 49.19 billion baht, marking an increase of 29.83%, but imports from the Middle East came in at 216.10 billion baht, up 76.57% year-on-year.
According to the Commerce Ministry, the top five imports from Saudi Arabia in the January-September period this year are:
• Crude oil: 153.693 billion baht (+70.66%)
• Fertilizers, herbicides, pesticides: 19.198 billion baht (+125.83%)
• Refined oil: 15.106 billion baht (+130.50%)
• Chemicals: 14.476 billion baht (+7.96%)
• Natural gas: 6.53 billion baht (+3.02%).
The top five exports to Saudi Arabia in the first nine months are:
• Vehicles, parts, accessories: 24.252 billion baht (+45.88%)
• Wood, wood products: 4.869 billion baht (+20.11%)
• Rubber products: 2.96 billion baht (+32.82%)
• Canned and processed seafood: 2.39 billion baht (+11.34%)
• Air-conditioners, parts: 1.803 billion baht (+3.67%).
Source: The Nation