Thailand Oil Import 2026 Market Overview & Trends

Thailand's import value peaked in 2022 at $36.0 billion. Despite a slight dip in 2023, the 2024 value recovered to $33.5 billion. Notably, while import values rose between 2023 and 2024, the total quantity decreased significantly from 301.7 billion to 177.8 billion units, suggesting a sharp increase in unit costs over the last year.

The United Arab Emirates dominates Thailand's import market, accounting for $14.75 billion in 2024. This is nearly four times the value of the next largest suppliers, Saudi Arabia ($3.85 billion) and the United States ($3.82 billion). Regional partners Malaysia and Indonesia also maintain significant positions, contributing $2.45 billion and $1.86 billion respectively.

Qatar leads emerging partners with a high growth rate of 1.64, followed by Nigeria at 0.80. Other notable growing partners include Brazil (0.35) and Indonesia (0.22). While Malaysia shows slower growth (0.10), it maintains a high absolute value of $2.45 billion, balancing rapid growth from newer partners with steady volume from established ones.

In 2024, petroleum crude oil (HS 270900) remains the primary import commodity, with a total value of $33.50 billion. This single product category drives the vast majority of the sector's trade value, highlighting Thailand's significant reliance on external sources for crude energy inputs to support its domestic economy.