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Tuesday, November 29, 2022

The weaker baht is one boon for Thailand’s exports

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The weakening of the baht against the US dollar is boosting the export sector. The value of exports will grow rapidly this year. The baht has lost 10.4 per cent of its value against the dollar so far this year, making it the worst-performing currency in Asia.

Chaichan Chareonsuk, chairman of Thailand’s National Shipment Council (TNSC), describes the weaker baht as a boon for exports. He calls on exporters who have already won orders to speed up their production and shipment. The TNSC expects exports to grow by 10 per cent this year.

Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said: “If we succeed in containing the spread of Covid19, the Chamber expects an export increase of up to 15 per cent”.

Tim Leelahaphan, an economist at Standard Chartered Bank, believes the baht will temporarily appreciate against the dollar for the rest of the year, with mass vaccination, strong exports and booming tourism supporting the baht in the fourth quarter.

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