Thailand's Gold Industry Clarifies Exports to Cambodia Amid Suspicions of Baht Appreciation

Strategic Insights -

Thai gold exporters have responded to concerns raised by the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) that gold exports to Cambodia may be contributing to the abnormal appreciation of the Thai baht. Dr. Kritcharat Hirunyasiri, Chairman of MTS Gold Group, emphasized that international gold trading is conducted legally and does not involve "grey market" transactions, nor does it affect the value of the baht. MTS Gold provided four key clarifications to address the concerns: compliance with customs regulations, licensed Cambodian traders, dollar transactions unaffected by the baht, and Thailand's status as ASEAN's Gold Hub.

Key Takeaways:

  • International gold trading is conducted legally and does not involve "grey market" transactions, nor does it affect the value of the baht.
  • Thailand's gold exports to Cambodia are part of international trade, processed through proper customs channels in both countries.
  • There are only 3-4 licensed gold traders in Cambodia, who are authorized to conduct gold trade legally.
  • Gold trading between Thailand and Cambodia uses the US dollar, meaning it does not impact the Thai baht.
  • Thailand's increased gold industry growth makes it no surprise that exports to Cambodia are rising.
  • The appreciation of the baht is primarily driven by the weakening US dollar, not rising gold prices.
  • Only 3-4 Thai gold traders export gold abroad, including to Cambodia, which has been criticized due to its smaller market size.
  • Cambodia's ability to purchase and resell gold successfully reflects the country's capabilities, bolstered by its proximity to major markets.
  • The Gold Traders Association of Thailand is confident in its ability to verify exports and has found that gold exports to Cambodia account for about 10% of Thailand's annual gold exports.

Statistics:

  • On average, Thailand exports around 60 billion baht worth of gold per year, with 10% of that going to Cambodia.
  • In 2021, the value of gold exports to Cambodia was THB 8,627 million, in 2022 it rose to THB 55,781 million, in 2023 it stood at THB 12,562 million, and in 2024, the value surged to THB 105,982 million.
  • For the first seven months of 2025, Thailand exported gold to Cambodia worth THB 71,312 million.
  • Thailand's key gold export markets include Switzerland, Singapore, Hong Kong, Laos, Indonesia, Japan, India, the United States, China, and Cambodia.
  • In the first seven months of 2025, Thailand's top 10 gold export markets were:

+ Switzerland - THB 108,145 million

+ Cambodia - THB 71,312 million

+ Singapore - THB 34,826 million

+ Hong Kong - THB 10,005 million

+ Laos - THB 8,031 million

+ United States - THB 6,628 million

+ Indonesia - THB 5,725 million

+ United Arab Emirates - THB 4,411 million

+ Japan - THB 1,629 million

+ India - THB 1,495 million

Sources:

  • Dr. Kritcharat Hirunyasiri, Chairman of MTS Gold Group
  • Jitti Tangsitpakdee, President of the Gold Traders Association of Thailand
  • Department of Foreign Trade, Ministry of Commerce (data on gold exports to Cambodia from 2021 to 2025)