ABSTRACT
Thailand’s present trade structure is much more obviously dependent on external constraints than is that of Malaysia. Thailand has the highest share of its exports covered by NTBs of the countries in this study (except for Mauritius) and relies heavily on GSP. It has shifted away from trade with its Asian neighbours, with which it now has a low share compared with other Asian countries, to more trade with the industrial countries. Thai trade shifted during the 1980s first towards the US, then more to Japan (Table 9.1). Trade with the Asian NICs has changed little, and with other ASEAN countries has fallen slightly. Its dependence on foreign investment began more recently than that of Malaysia, but is now even higher. However, this also remains much more from the industrial countries. Japan is still the most important investor. Although Hong Kong, Singapore and Taiwan normally come next, they are well behind, another contrast to Malaysia (Table 9.13).
