PATTAYA, Thailand – International media are flagging a sharp rise in Thailand’s gold exports to Cambodia, despite the neighboring country not being a major market. According to Business Times citing Thai Customs data, exports increased 19% in the first seven months of 2025, reaching 71.3 billion baht (approximately $2.9 billion), potentially surpassing last year’s record of 160 billion baht.
Normally, gold exports to Cambodia are limited to licensed importers and represent only a small share of Thailand’s total gold trade, which predominantly targets markets like Vietnam. Analysts suggest the surge could be fueling the rapid appreciation of the baht, raising concerns for exporters and the tourism sector.
Business Times quoted Kriangkrai Thianukul, President of the Federation of Thai Industries, noting that the volume of gold and gemstone exports to Cambodia has increased since last year in a manner disproportionate to the country’s market size. The report highlights the need for Thai authorities—including the Bank of Thailand, Customs, and the Commerce Ministry—to investigate potential irregularities, including grey-area business practices, scams, or use of gold for money laundering.
This spike has drawn attention both for its economic impact and for its unusual alignment with global and regional trade patterns, prompting calls for closer scrutiny of Thailand’s gold export channels.
