Thailand Crude Oil Import 2026 Market Overview & Trends

Thailand's import value has seen a significant upward trend, rising from $16.1 billion in 2020 to $33.5 billion in 2024. While 2022 marked a peak in value at $36 billion, 2023 recorded the highest quantity at 301.7 billion units. The 2024 data shows a recovery in value despite a decrease in total quantity compared to the previous year.

The United Arab Emirates (ARE) is the leading supplier to Thailand in 2024, with an export value of $14.75 billion. This significantly outpaces other major partners including Saudi Arabia ($3.85 billion) and the United States ($3.82 billion). Regional suppliers Malaysia and Indonesia also contribute notably, though the market remains heavily dominated by Middle Eastern exports.

Qatar is the fastest-growing partner with a remarkable 163.8% growth rate, followed by Nigeria at 79.7%. Brazil also shows strong emergence with 35.5% growth. While Indonesia and Malaysia maintain higher absolute values, the rapid acceleration from Qatar and Nigeria highlights a significant diversification of sourcing origins in 2024.

The 2024 data confirms that petroleum crude oil (HSCode 270900) is the dominant import product, totaling $33.5 billion. This single category represents the vast majority of the sector's trade value, underscoring its vital importance to the national economy and energy supply chain infrastructure.