Thai Economy NewsThailand IT & Electronics News

Boosting Thailand’s Digital Trade Readiness: Insights from the Global Trade Modernization Index 2024

Thailand Digital Trade

Thailand Digital Trade Ranks 32nd Globally, 3rd in ASEAN

Thailand secured the 32nd position out of 65 countries in the Global Trade Modernization Index (GTMI) 2024, highlighting the country’s moderate progress in digital trade readiness. While ranking 3rd in ASEAN after Singapore and Malaysia, the index reveals areas for improvement to enhance Thailand’s trade competitiveness on a global scale.

Key Findings from the GTMI 2024

The GTMI evaluates digital trade readiness across five categories:

Paperless Trade: Thailand achieved a 22.5% score, ranking 3rd in ASEAN.
Trade Openness: The country scored 7.1%, ranking 6th in ASEAN.
Business Readiness: Thailand achieved a 14.5% score, ranking 3rd in ASEAN.
Human Capital: The country scored 6.1%, ranking 4th in ASEAN.
Regulatory Environment: Thailand achieved a 16.1% score, ranking 3rd in ASEAN.

These findings indicate that while Thailand has made strides in adopting digital technologies for trade, there remains room for growth in areas such as trade openness and human capital development.

Recommendations for Enhancing Thailand’s Digital Trade Performance

To further boost Thailand’s digital trade performance, the International Chamber of Commerce (ICC) recommends the following:

Government Support: The government should actively encourage the private sector to adopt digital technologies in trade practices.
Supportive Legislation: Implementation of laws like the Electronic Bill of Lading can facilitate the use of digital tools in international trade.
Streamlining Processes: The implementation of the National Single Window and e-Phyto certification system can streamline trade processes and enhance transparency.
The Way Forward for Thailand’s Digital Trade

By addressing the areas identified in the GTMI 2024 and implementing the recommended measures, Thailand can strengthen its digital trade capabilities. This will not only improve efficiency and reduce operating costs for businesses but also contribute to increased international trade competitiveness and drive economic growth.

Thailand digital trade, Global Trade Modernization Index, GTMI 2024, digital trade readiness, ASEAN, paperless trade, trade openness, business readiness, human capital, regulatory environment, Electronic Bill of Lading, National Single Window, e-Phyto certification system.

ThaiVest Editorial Team
The Thaivest Editorial Team is a dedicated group of writers and editors with a passion for Thailand's vibrant economy, culture, and lifestyle. With diverse backgrounds in finance, economics, and journalism, we provide valuable insights into living well in Thailand, making money online, and practical tools for navigating its dynamic market. Our mission is to keep our readers informed about the latest developments, opportunities, and challenges in Thailand's economic and cultural landscape. Stay connected with Thaivest for reliable, well-rounded coverage of all things Thai.