Thailand’s 2011 was valued at 2,777.25 million

Thailand’s trading relations and their overall international business mentalityTo commence, Canada and Thailand have a pretty good dynamic and cooperative relationship, and as time passes, these symbiotic relations continue to expand and deepen. The Volume of mutual trade between Thailand and Canada in 2011 was valued at 2,777.25 million USD and in 2012 valued 2,518.70 million USD with Thailand exports valuing at 1,582.95 million USD and imports profiting 936.23 million USD.Large quantities of our countries populations intermingle; approximately 10,000 Thais visit Canada annually for tourism, for study, or for work, and an estimated 5,000 Canadians live in Thailand. It’s also important to note that 230,000 Canadians visited Thailand as tourists in 2013, which is a 5% increase over 2012″ ((2016, June 23) Canada – Thailand Relations. Retrieved from http://www.canadainternational.gc.ca/thailand-thailande/bilateral_relations_bilaterales/canada-thailand-thailande.aspx?lang=eng).Academic relations are also an incredibly important part of Canada-Thai relations. Many Canadian universities having long-standing cooperation agreements with well-regarded Thai academic institutions, especially in agriculture, medicine, and engineering. On March 23, 2012, the Government of Thailand and Canada stated debating the benefits of adopting a potential Canada-Thailand Free Trade Agreement. Sadly, these stayed only exploratory discussions that were mused on and considered by the Canadian government for three years. The conversation ended with Canada discontinuing the idea in July of 2015. This was due to the fact that Thailand is not a substantial enough trading partner with Canada to merritt their own multinational free trade agreement. “In terms of Thailand’s current business mentality, the Kingdom of Thailand made its new primary mission to enhance cooperation between north and south, as well as strengthen south to south cooperation…This exchange of resources, technology, and knowledge between developing countries, often referred to as the Global South, can be complementary to achieving sustainable development goals “(2017, May 9, Thailand promotes partnerships for a sustainable world. Retrieved from http://www.chinadaily.com.cn/business/2017-09/05/content_31572792.htm). ┬áThailand is still a developing country. At the moment, they are looking to reach out, strengthen trading as well as nation to nation ties, in order to propel their quality of life and become recognized as a prosperous and well-developed nation. Initiated by the late monarch King Bhumibol Adulyadej, the country now uses the Sufficiency Economy Philosophy in hopes to gradually make the leap to a developed country. “This approach is based on moderation, reasonableness and prudent decision-making” (2017, May 9, Thailand promotes partnerships for a sustainable world. Sourced from http://www.chinadaily.com.cn/business/2017-09/05/content_31572792.htm). Thailand’s new approach really prompts communities to work together for the common good, which is the basis of sustainable partnerships. This new progressive mentality condones a global mindset, encourages international business and international investment from more developed nations. Thailand understands the real value of working together and reaping the mutual benefits. They also comprehend that they need to give back and invest in other underdeveloped nations. Thailand has now become a donor nation, providing funds and sharing its knowledge, technical assistance, scholarships, and capacity building with less developed nations. In 2015, the Kingdom provided $78 million in Official Development Assistance to other countries through the Thailand International Cooperation Agency. Recently, foreign direct investment for Thailand has surprisingly surpassed $58 billion, ┬ámuch of the funds are going to the development of the promising nation.”The growing presence of foreign investment in Thailand, including from Canada, is a testament to the importance of Thailand as a new, regional hub and gateway to ASEAN. One sector that has reaped the benefits from Canadian Investment is, definitely the financial sector. Scotiabank currently holds a 49% stake in the Thanachart Bank. Also, the establishment of the Canada-ASEAN Business Council (CABC) in 2012 would ultimately bring Thailand and Canada closer in terms of trade and investment” (2014, January 8. Trade. Retrieved from http://www.thaiembassy.ca/en/thailand-canada-relations/trade) Thailand’s big trading partners As of late, Thailand’s top two importing partners include China, which accounts for 21.6% of total Thai imports, and Japan who covers 15.8% of total Thai imports. China’s exports to Thailand amounted to $42.3 billion or 21.6% of its overall imports. Electronic equipment counts for $12.8 billion, machinery accounted for $7.3 billion and iron or steel products produced $2.7 billion in revenue (Top Thailand imports. (n.d.). Retrieved from http://www.worldsrichestcountries.com/top_thailand_imports.html). “Over the past several decades, Chinese trade has expanded at a breakneck pace. Favorable domestic policies have helped channel government and foreign direct investment (FDI) to expand China’s production capabilities. These developments coincided with technological advances, competitive shipping, and strong international demand, has propelled the Chinese economy to become the second largest in the world” (Is China the world’s top trader? (2017, August 09). Retrieved from https://chinapower.csis.org/trade-partner/). Thailand makes a remarkable trading partner with China, for the former is rife with materials such as rubber and plastic, which are in high demand with the industrial manufacturing that takes place in China. Thailand benefits from the trade with more exposure to cutting edge technology and much-needed metals. Japan’s exports to Thailand amounted to a total of $30.9 billion or 15.8% of its overall imports, with machinery amounting to $6.2 billion gained, electronic equipment raking in $5.9 billion as well as iron and steel producing $3.5 billion in revenue (Top Thailand imports. (n.d.). Retrieved from http://www.worldsrichestcountries.com/top_thailand_imports.html). As we all know, Japan is a major economic power in the world. The Japanese economy grew very quickly, therefore it makes them an excellent partner for Thailand to import many products and services from. Much of this growth was the result of increases in worker productivity. This higher productivity was due mainly to: increased capital (machines, etc.) per worker, advances in technology, a highly educated and skilled labor force, supportive government policies and a good world trade environment. Japan is densely populated, it is the eighth most populated nation in the world. The amount of land in Japan suitable for agriculture is insufficient to produce enough food for Japan’s large population. As a result, Japan imports most of its food from other countries. This is where Thailand’s exports come into play since they produce a lot of high quality edible, raw materials, they make the ideal trading partner for Japan. Japan gives them advanced technology as well as refined metals, and in return, Thailand provides more food for their fast-growing population. Their symbiotic trading relationship is excellent, for it strengthens trading ties between the two countries. Sourceshttps://www.asiapacific.ca/statistics/trade/bilateral-trade-asia-product/canadas-merchandise-trade-thailandhttps://www.cia.gov/library/publications/the-world-factbook/geos/th.htmlhttp://www.chinadaily.com.cn/business/2017-09/05/content_31572792.htmhttp://afe.easia.columbia.edu/japan/japanworkbook/economics/factshe.htmhttp://www.bbc.com/news/world-asia-15581957http://www.worldstopexports.com/thailands-top-import-partners/https://lop.parl.ca/Content/LOP/ResearchPublications/2013-59-e.htmhttp://www.canadainternational.gc.ca/thailand-thailande/bilateral_relations_bilaterales/canada-thailand-thailande.aspx?lang=enghttps://atlas.media.mit.edu/en/profile/country/tha/