Thailand overtook South Korea and China to become Japan's top steel buyer in 2018, importing 5.4 million tons of products, a year on year increase of 5.2%, according to the Japan Iron and Steel Federation. The increase con be attributed to Japan moving manufacturing of automobiles, home appliances and machinery into the southeast Asian nation following the 1997 Asian financial crisis. The process was hastened by the 2007 Japan-Thailand Economic Partnership Agreement, which ended steel tariffs between the two countries last year.
Thailand overtook South Korea and China to become Japan's top steel buyer in 2018, importing 5.9 million tons of products, a year on year increase of 5.2%, according to the Japan Iron and Steel Federation. The increase con be attributed to Japan moving manufacturing of automobiles, home appliances and machinery into the southeast Asian nation following the 1997 Asian financial crisis. The process was hastened by the 2007 Japan-Thailand Economic Partnership Agreement, which ended steel tariffs between the two countries last year.