India and Thailand achieved record bilateral trade of $20.93 billion in calendar year 2025, according to data from India's Department of Commerce. However, India faces a widening trade deficit of $10.81 billion with Thailand, up from $6.75 billion in 2024. Indian exports to Thailand stood at $5.06 billion in 2025, while imports reached $15.87 billion. The deficit has widened significantly from $6.75 billion in 2024, when India's exports were $4.88 billion and imports were $11.63 billion. Thailand has emerged as India's third-largest trading partner in the Association of Southeast Asian Nations (ASEAN), after Singapore and Indonesia.
India and Thailand have agreed to intensify trade and investment engagement and push for a time-bound review of the ASEAN-India Trade in Goods Agreement (AITIGA). Commerce and Industry Minister Piyush Goyal and Suphajee Suthumpun, Deputy Prime Minister and Minister of Commerce of Thailand, met in New Delhi on Wednesday to discuss expanding bilateral trade, investment and business-to-business linkages. The ministers emphasized the need for deeper bilateral engagement through the India-Thailand Joint Trade Committee (JTC) in a time-bound manner. The review aims to make the AITIGA pact more user-friendly, simple, and trade-facilitative for businesses, with the pact having been signed in 2009. As per the Commerce and Industry Ministry, the two sides exchanged views on the progress of the review and emphasized the need for deeper bilateral engagement through the JTC.
Thailand is a member of the ASEAN bloc alongside Brunei Darussalam, Cambodia, Indonesia, Lao, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam. As reported by the Commerce and Industry Ministry, ASEAN is an important trade partner of India with about a 10 per cent share in India's global trade. The focus on market access is significant as India and Thailand seek a more balanced trading framework. India's major exports to Thailand include machinery, engines and parts; pearls and precious stones; marine products such as fish and squid; vehicles and auto components; organic chemicals; aluminium; pharmaceuticals and spices. Major imports from Thailand include palm oil and other vegetable oils; plastics and plastic raw materials; organic chemicals; machinery; electrical and electronic equipment; precious metals and jewellery-related items; and rubber products. The widening trade gap has been driven largely by an increase in Thai exports to India, including in categories such as precious stones and metals and oils.
Goyal and Suthumpun also interacted with a delegation of Thai businesses operating across a range of sectors, including space technology, cold-chain logistics, food processing, innovation, health and wellness, and trade and investment promotion. The discussions come against the backdrop of longstanding civilisational, cultural and economic ties between India and Thailand. The ministers discussed strengthening trade promotion activities in both countries to foster business networks, facilitate greater business-to-business engagement and expand market opportunities for enterprises. They also addressed a delegation of Thai businesses operating across sectors including space technologies, cold-chain logistics, food processing and innovation, health and wellness, and trade and investment promotion. The meeting reaffirmed the commitment of both countries to further deepen economic engagement, strengthen business partnerships and build a robust, balanced and mutually beneficial trade and investment relationship.
In a separate statement, the ministry announced that National Industrial Corridor Development Corporation Limited (NICDC) participated in the first-ever INNOPROM India 2026, held from 9-11 September at Bharat Mandapam. According to the ministry, India and Russia have set a bilateral trade target of about ₹9.45 lakh crore (USD 100 billion) by 2030. The wider economic partnership increasingly focuses on manufacturing, investments, technology cooperation, logistics, localisation and industrial clusters. The inaugural edition of INNOPROM India 2026 provides an important platform for advancing the India-Russia Special and Privileged Strategic Partnership, bringing together government representatives, manufacturers, technology companies, investors and industry organisations from both countries.
As reported by the ministry, potential areas of India-Russia manufacturing cooperation include advanced engineering and machinery, railway and transport equipment, metals, energy and renewable energy, automobiles, aerospace & defence, pharmaceuticals, chemicals, textiles and advanced manufacturing technologies. The wider economic partnership increasingly focuses on manufacturing, investments, technology cooperation, logistics, localisation and industrial clusters. The inaugural edition of INNOPROM India 2026 provides an important platform for advancing the India-Russia Special and Privileged Strategic Partnership, bringing together government representatives, manufacturers, technology companies, investors and industry organisations from both countries.
