Commerce Ministry admits baht’s appreciation causing decline in goods orders

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BANGKOK, 26 April 2013  Minister of Commerce Boonsong Teriyapirom has admitted that the Thai currency’s appreciating more than neighboring countries’ currencies has started to result in significant toning down of goods orders from Thailand’s trading partners, as the latter view that the baht may strengthen even further.

Mr. Boonsong believes the effect of the baht apprciation will clearly be seen from the 2nd quarter onwards. According to him, unless related agencies implement urgent measures to reduce the impact, the earlier-forecast export growth of 8-9% and export value of 240-250 billion baht will definitely not be realized. He has also warned that it is highly possible that exports will expand by even less than 5%.

However, the commerce minister noted that he needed to first hear the evaluations from the chiefs of foreign trade representatives who will meet at the end of May.