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.

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 of business this year is lower than last year’s figure of 144, the majority of them were closed by bankruptcy, whereas last year’s was fierce competition.

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

However, in April, Thailand saw a steep rise in the number of newly-registered businesses, totalling 4,700, and the combined registered capital was over 70 billion THB, the highest in seven years.-VNA/NNT