Sign in Subscribe
Exports

Unusually High Gold Exports to Cambodia Raise Concerns Amid Baht's Strength

Strategic Insights

— 2 min read

The Federation of Thai Industries (FTI) has raised concerns about an unusually high rate of gold exports to Cambodia, which may be a contributing factor to the baht's strength. A preliminary investigation by the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) revealed irregularities in gold exports to Cambodia, with unusually high figures. The Bank of Thailand has summoned 13 major gold traders to discuss the issue on September 15th. Thailand's gold exports to Cambodia have increased significantly, with over 71.8 billion baht in gold exported in the past seven months, ranking third after Switzerland and India. The strong baht has reduced Thailand's competitive advantage in exports and tourism.

Key Takeaways:

  • The Federation of Thai Industries (FTI) has raised concerns about an unusually high rate of gold exports to Cambodia, which may be contributing to the baht's strength.
  • A preliminary investigation by the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) revealed irregularities in gold exports to Cambodia, with unusually high figures.
  • Thailand's gold exports to Cambodia have increased significantly, with over 71.8 billion baht in gold exported in the past seven months, ranking third after Switzerland and India.
  • The strong baht has reduced Thailand's competitive advantage in exports and tourism.
  • Mr. Yanyong Thaicharoen, Chief Executive Officer, Economic and Sustainability Research, Economic Intelligence Center, Siam Commercial Bank, noted that the baht's appreciation has accelerated over the past two weeks, with the baht basket index close to the level of the 1997 Tom Yum Kung crisis.
  • The baht's strength is attributed to external factors, including the dollar's weakness due to US President Donald Trump's stimulus policies and the expected US Federal Reserve rate cut, as well as the rising gold prices.
  • A key domestic factor in the baht's strength is gold, as Thailand exports a significant amount of gold, and gold traders tend to export more gold when prices rise.

Statistics:

  • Thailand has exported over 71.8 billion baht in gold to Cambodia in the past seven months.
  • Gold exports to Cambodia for the first seven months of 2025 reached a value of 71,886,633,245 baht, representing a 13.60% increase compared to the same period in 2024 and a 19.06% increase.
  • The baht basket index is close to the level of the 1997 Tom Yum Kung crisis.

Sources:

  • The Bank of Thailand
  • Federation of Thai Industries (FTI)
  • Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB)
  • Gem and Jewelry Institute (GIT)
  • Siam Commercial Bank
  • Thai News Agency (September 13, 2025)

Read more