Thai trade with Iran put under scrutiny

The US's planned 25% tariff on goods from countries “doing business” with Iran is unlikely to directly affect Thailand’s export and import sectors, says the Finance Ministry.

- WICHIT CHANTANUSORNSIRI

However, Thai operators are advised to carefully examine transaction routes and payment processes, particularly for steel products and auto parts, to ensure they are not involved in transactions linked to Iran, said the ministry.

A ministry source who requested anonymity said an analysis of the trade structure between Thailand and Iran indicates risks to Thailand's economy remain manageable as bilateral trade volumes are relatively limited.

In 2024, total trade between Thailand and Iran amounted to US$208 million, accounting for only 0.03% of Thailand’s total value.

On the investment front, major Thai companies such as Siam Cement Group and PTT Exploration and Production Plc have terminated their investment projects in Iran in previous years. This indicates Thailand’s core business sectors have long exercised caution in conducting transactions with Iran, said the source.