With European leaders, NATO, and the US President demanding sanctions against Russia, how does that leave several Asian countries, who are close to Moscow?
In the past Thailand has been classified as both a Third World and First World Country.
However, Thailand is now classified as a developing nation by a large number of international organizations, which look at a number of factors such as the economy, Human Development Index (the HDI), as part of their classifications.
Among the number of industries that Thailand has, the main ones that largely contribute to the growth of the economy are Tourism, Agriculture, Export and Electronics. In Thailand, tourism has been the main driver of economic growth, contributing about 15% of the GDP.
Thai exports
Thailand's Exports to Russia was US$719.33 Million during 2020, according to the United Nations COMTRADE database on international trade.
The main products that Thailand exported to Russia were Cars ($173M), Vehicle Parts ($83.9M), and Rubber Tires ($73M).
Thailand's major export partners are China (12 percent), Japan (10 percent), the United States (10 percent) and the European Union (9.5 percent). Others include Malaysia, Australia, and Singapore.
Russia's main imports are machinery, equipment, and transport (45 percent of total imports), chemical products (19 percent) and foodstuffs and agricultural products (14.5 percent).
Bilateral trade conference 2021
Bangkok News back in October 2021 reported that Thailand and Russia have agreed to raise bilateral trade to US$10 billion in 2023, in part to help reboot the economy after the Covid-19 outbreak.
Speaking after a video conference with Vladimir Ilichev, Russia's deputy minister of the Economic Development Ministry, during the fourth meeting of the sub commission on trade and economic cooperation hosted by Russia, Thailand's Commerce Minister Jurin Laksanawisit said the two parties aim to raise two-way trade to $10 billion in 2023 or an average of $3 billion a year.
Russia was Thailand's 30th-largest trading partner in 2020, with two-way trade amounting to $3.13 billion. Thai exports to Russia totalled $958 million, with key export items including automobiles, parts, and rubber, while imports accounted for $2.17 billion, led by crude oil, steel, arms, and fertiliser.
Now as China is Thailand's number one customer in regard to Thai exports, and as we know China is also close to Russia, this could leave the Thai government in a difficult position.
Especially when President Biden's aides call the Thai Prime Minister to ask Thailand to join the global export blockade of Russia.
U.S. goods imports from Thailand totaled $37.6 billion in 2020, up 12.5 percent ($4.2 billion) from 2019, and up 66 percent from 2010.
U.S. imports from Thailand account for 1.6 percent of overall U.S. imports in 2020.