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How about the rubber market
- Aug 24, 2018 -

Thailand's share of the global tire export market is growing. The top five countries in the world's total tire trade (exports + imports) in 2017 were China (19%), Germany (7.9%), Japan (6.5%), the United States (6.2%) and Thailand (4.4%). Among them, China, Thailand and Japan have surplus in tire trade, while the United States alone has deficit in tire trade.

 

The United States is the world's largest tire importer, with a us trade deficit of $9.5 billion in 2017, up 4.5 percent from 2013. China used to be a major tire importer in the United States for a long time, and its tire exports to the United States accounted for 12% of China's total tire exports in 2017. However, as the sino-us tire trade friction keeps escalating and other countries seize the us market, the export of tires from Thailand to the us increases year by year. In 2017, Thailand became the largest tire importer in the us, accounting for 20% of the us tire imports.The year-on-year change of tire imports from Thailand was positively correlated with the year-on-year change of Thai gum consumption. The imports of tires from Thailand have increased rapidly since 2008. In 2016, the imports of tires from Thailand reached 1.45 billion usd, an increase of 25% year-on-year.

 

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As the world's largest producer, Thailand accounts for 36% of the world's production of tin glue. Therefore, setting up a tire factory in Thailand close to the production area can greatly reduce the transportation and management costs of raw materials.At the same time, the cost of manpower in Thailand is low, which is beneficial to the enterprise to reduce the cost of manpower. At present, Thailand is still a large agricultural country with an agricultural population of about 45%. The per capita minimum wage is 325 baht per day ($244 per month), lower than China's per capita minimum wage of $367 per month. The Thai government has also encouraged foreign companies to invest in its export-oriented and high-tech sectors, offering preferential tax policies.