Being a country heavily reliant on tourism in combination with strict Covid-19 restrictions, the Thai economy was significantly affected in many areas more than its Southeast Asian neighbours. The Thai economy is expected to rebound to pre-pandemic levels only by 2023. While tourism is recovering, it is uncertain whether it will ever reach the 2019 all-time-high of nearly 40 million arrivals.
The 2022 Business Climate Survey results indicated that Swedish companies have not been unaffected by a more difficult business climate during the last three years. The turnover expectations in Thailand are currently showcasing strong positivism towards the future. Of the surveyed companies, 77 per cent believe their turnover will increase slightly or significantly in the upcoming 12 months.
The Swedish companies see Thailand as a predominantly sales- and customer-oriented market, where cost-efficiency and customer feedback are listed as the most important factors to maintain competitiveness.
Sweden has maintained a well-respected global reputation for being a sustainable, forward-thinking, and reliable industrial partner for many years. Furthermore, Sweden projects democratic values and enjoys an established welfare system that it exports abroad. It is no surprise that 57 per cent of the respondents stated that being a “Swedish Brand” has contributed to the overall success of their business. These figures correspond with the general perception of the “Swedish Brand” in the Southeast Asian region.
In summary, the Swedish industry in Thailand is doing well from a purely financial point of view, but it is not a market without its challenges and shortcomings.
Please download the report to fully overview the results with a detailed analysis.
ABOUT THE SURVEY
The purpose of this report is to help the reader in increasing the understanding of Swedish companies’ recent performance in Thailand and further explore the opportunities and challenges that the Thai market poses. In addition, it will hopefully serve as a reference in bilateral trade relations between Sweden and Thailand.
Of the identified Swedish companies in Thailand, 71 per cent participated in this report – a high response rate which should thus provide a nuanced outlook of the Swedish business in the Thai market.
Lastly, we would like to extend our most sincere gratitude to the participating companies and respondents who have contributed to this report.