Connect with us

Business

Board of Trade want Bank of Thailand to urgently address the baht

Thaiger

Published 

 on 

PHOTOS & GRAPHIC: The Nation

The Board of Trade are meeting with the Bank of Thailand tomorrow (August 8) to discuss the value of the Thai baht, its appreciation against the US dollar and Chinese yuan, and the impact on the country’s exports.

Sanan Angubolkul, the Board of Trade’s vice chairman, speaking to The Nation, says the baht has appreciated around 5% against the US dollar this year.

“This has led to a drop in the country’s exports in the first half of this year. But now, with the yuan also depreciating against the dollar and the baht, it will directly impact our exports to other countries as well in the rest of this year if the BOT does not do anything to manage the country’s currency.”

He says the depreciation of the yuan will make China’s products cheaper. This will lead to most importers asking Thai exporters for discounted price to compete with China’s products.

Board of Trade want Bank of Thailand to urgently address the baht | News by Thaiger

“Normally, our production costs are already higher than that of China. When our currency also becomes stronger than the yuan, that will make our products less competitive.”

Meanwhile, original equipment manufacturers will also be impacted by the yuan’s depreciation as several industries in Thailand have got orders to make products under OEM, like China’s manufacturing, such as consumer products, home appliances, household products, etc.

“OEM orders may move from Thailand to China as the cost of production in China will be cheaper than in Thailand, if the government or the BOT do not do anything to manage the country’s currency.”

“At the meeting on August 8, we will provide information to the BOT and urge it to consider ways to support the country’s industry and exporters.”

SOURCE: The Nation

Board of Trade want Bank of Thailand to urgently address the baht | News by Thaiger

PHOTO: Sanan Angubolkul, the Board of Trade’s vice chairman

 

Want more Thailand news from the Thaiger family?

📱 Download our app on Android or iOS for instant updates on your mobile
📝️ Join the conversation on Thaiger Talk - discuss news & life in our Thailand forums
📧 Subscribe to our daily email newsletter
👍 Like/Follow us on Facebook
🔔 Subscribe to or Join our YouTube channel for daily video updates

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Thailand's largest online portal for news and information.

Follow Thaiger by email:

Tourism9 hours ago

TAT claims 1,500 travellers arriving in Phuket July 1

Coronavirus (Covid-19)11 hours ago

5 million Moderna vaccines for Thailand, half of expectation

Coronavirus (Covid-19)14 hours ago

Covid-19 round-up for expats 3: Are countries helping Thailand?

Phuket Sandbox July 1st

days
hours
minutes
seconds

Thaiger is getting behind local businesses for the restart of tourism in July - up to 50% discounts across all advertising packages in June!

image
Join the conversation on the Thaiger Talk forums today!
Coronavirus (Covid-19)14 hours ago

Covid-19 round-up for expats 2: Will your country give a vaccine?

Coronavirus (Covid-19)14 hours ago

Covid-19 round-up for expats 1: Should you travel to Thailand?

Thailand15 hours ago

Thailand News Today | Lockdown for BKK? Demonstrations back on, Pathum Thani shooter arrested

Thailand15 hours ago

Myth busted: Drinking alcohol does not kill Covid-19 – VIDEO

Phuket16 hours ago

Power outages coming to Kathu, again

Tourism16 hours ago

List of countries by Covid-19 risk level, classified by Thailand’s DDC

Thailand16 hours ago

Legalised marijuana up next? Courts get closer to legalising kratom

Phuket17 hours ago

Phuket police raids nab suspects for allegedly having guns, drugs, kratom

World18 hours ago

Antivirus legend John McAfee apparent suicide in Spanish prison

Coronavirus (Covid-19)18 hours ago

Thursday Covid Update: 4,108 new cases; provincial totals

Coronavirus (Covid-19)19 hours ago

Bar girls in Pattaya arrested for allegedly violating Covid restrictions while live streaming

Protests19 hours ago

Gathering for 89th anniversary of constitutional monarchy

Thailand4 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism4 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket4 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism4 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand4 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism4 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand5 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand5 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand5 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand5 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand5 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand5 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand5 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand5 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand6 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending