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Strong baht forces 127 exporters out of business

As many as 127 exporters in Thailand have shut their doors in the first four months of 2013 as a result of the Thai baht appreciation against other currencies.
As many as 127 exporters in Thailand have shut their doors in thefirst four months of 2013 as a result of the Thai baht appreciationagainst other currencies.

Most of those businesses operate in car and textile sectors, according to Thai Deputy Commerce Minister Nattawut Saikua.

He noted that even though the number of entrepreneurs forced out ofbusiness this year is lower than last year’s figure of 144, the majorityof them were closed by bankruptcy, whereas last year’s was fiercecompetition.

Nattawut further stated that if the Bank ofThailand does not take control of the baht, Thailand will likely seea higher number of businesses going bankrupt.

However,in April, Thailand saw a steep rise in the number ofnewly-registered businesses, totalling 4,700, and the combinedregistered capital was over 70 billion THB, the highest in sevenyears.-VNA/NNT
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