Thailand's Gold Exports to Cambodia Surge, But Officials Doubt Market Significance

Strategic Insights -

Thailand's gold exports to Cambodia have skyrocketed in recent years, with the country emerging as the second-largest export market for Thai gold after Switzerland. According to data from the Ministry of Commerce, the value of gold exports to Cambodia reached nearly $2.15 billion in the first seven months of 2025, a significant increase from $1.67 billion in the same period last year. While officials from the Gold Traders Association (GTA) and the Bank of Thailand have called for a meeting to discuss the issue, GTA president Jitti Tangsithpakdi has expressed doubts about Cambodia's market significance, stating that a portion of the gold is shipped on to other markets where demand is higher.

Key Takeaways:

  • Gold exports to Cambodia have surged in recent years, with the value of exports reaching nearly $2.15 billion in the first seven months of 2025.
  • Cambodia has emerged as the second-largest export market for Thai gold after Switzerland, despite GTA president Jitti Tangsithpakdi's doubts about the market's significance.
  • A portion of the gold exported to Cambodia is shipped on to other markets, such as Vietnam, where demand is higher.
  • The gold trade growth is unusual, with Siriluck Pakotiprapha, vice-president of research at Hua Seng Heng Futures Co, stating that "Exports to Cambodia have grown substantially. This is unusual and perhaps the relevant agencies should look into it."
  • Thailand imported 187,848 kilogrammes of gold in the first seven months of 2025, up 82% year-on-year, with a value of 391 billion baht, a gain of 47%.
  • The share of gold imported from the UAE skyrocketed from 1.44% in the first seven months of 2024 to 17.7% this year, while the share of imports from China rose from 0.34% to 17.3%.
  • Thailand shipped 78,075kg of wrought gold in the first seven months of 2025, up 31% year-on-year, with a total value of 254 billion baht, a gain of 68%.
  • Cambodia was Thailand's largest export market for wrought gold in 2024, with an export value of 106 billion baht, up 744%.
  • The strengthening of the baht is linked to gold, with the baht typically strengthening when Thais sell gold, as it is highly valued as an investment.
  • The central bank has attributed the baht's surge partially to the gold rally and vowed to rein in any wild swings.

Statistics:

  • Value of gold exports to Cambodia: $2.15 billion (first seven months of 2025)
  • Value of gold exports to Cambodia (previous year): $1.67 billion (first seven months of 2024)
  • Value of gold imports in 2025: 391 billion baht (first seven months)
  • Gain in gold imports in 2025: 47%
  • Share of gold imported from the UAE: 17.7% (first seven months of 2025)
  • Share of gold imported from China: 17.3% (first seven months of 2025)
  • Value of wrought gold exports to Cambodia: 71.3 billion baht (first seven months of 2025)
  • Value of wrought gold exports to Cambodia (previous year): 106 billion baht (2024)
  • Growth in wrought gold exports to Cambodia: 744% (2024)
  • Thailand's business and tourism groups' share of gold imports: 53.7 tonnes (forecast 2025)
  • Thailand's gold demand (excluding central bank purchases): 20.7 tonnes (first half of 2025)

Sources:

  • Bangkok Post
  • Ministry of Commerce
  • Gold Traders Association (GTA)
  • Bank of Thailand
  • Hua Seng Heng Futures Co
  • World Gold Council (WGC)
  • YLG Bullion International
  • MTS Gold Group