Gaining Thai baht worries exporters (Photo: Reuters) Federation of Thai Industries Chairman Kriengkrai Thiennukul shared that the currency, which is on its longest winning streak in nearly six years, is hurting export competitiveness at a time when businesses are already struggling with rising electricity costs and high interest rates.
Meanwhile, Suparp Suwanpimolkul, vice chairman of the Thai National Shippers Council, said exporters are finding it difficult to fix their selling prices with the currency’s faster-than-expected gain in the past month.
The baht has gained 13% against the US dollar since hitting a 16-year low above 38 to the US dollar in October. The weighted interbank exchange rate quoted by the Bank of Thailand at the close of business on January 10 was 33.491, a nine-month high.
In the period from January to November 2022, Thailand's exports reached 265 billion USD while imports were 280 billion USD, resulting in a trade deficit of 15 billion USD./.
