File photo for reference only

 

Thailand’s business leaders have raised concerns over irregular gold exports to Cambodia, which they fear are artificially strengthening the baht and threatening the country's economic recovery. The Joint Private Sector Committee (JPSC) found anomalies in trade data, with gold shipments to Cambodia valued at tens of billions of baht being far higher than historical norms.

 

The JPSC comprises the Thai Chamber of Commerce, Federation of Thai Industries, and Thai Bankers’ Association. They suspect these exports may contribute to the baht's strength and plan to discuss the issue with the Bank of Thailand, Finance Ministry, and other relevant agencies. Cambodia, known for its underground economy, could be linked to these activities; hence, thorough scrutiny is needed to understand the mix of legitimate and illegitimate transactions.

 

As of September 11, the baht strengthened to 31.70 per dollar, with predictions of it reaching 31.50. This conflicts with Thailand's weak economic indicators and recent interest rate cuts by the Monetary Policy Committee. Kriengkrai Thienkrai, Chairman of the Federation of Thai Industries, highlighted the disconnect, noting that the baht’s strength does not accurately represent Thailand’s economic conditions, which feature low purchasing power and domestic weakness.

 

The baht’s appreciation, over 7% since mid-year, ranks it as the second-strongest currency in the region after Taiwan's. However, this strength poses challenges, especially for exporters dealing with high US import tariffs and the tourism sector, crucial for economic recovery. Kriengkrai mentioned that potential tourists might opt for cheaper destinations like Vietnam or Japan, adversely affecting Thailand's tourism and economic rebound.

 

Ongoing investigations into Cambodia’s gold trade are critical as illicit finance flows could undermine efforts to revive Thailand's economy, impacting sectors from manufacturing exports to tourism. Further meetings and probes will aim to address these issues and ensure economic stability.

 

Key Takeaways

• Unusual gold exports to Cambodia may be strengthening the baht.
• Experts find the baht's rise misaligned with Thailand's weak economy.
• Currency strength could hurt exports and tourism recovery.

 

Related Stories

Five Myanmar Men Caught Illegal Gold Mining in Pilok Forest

Court Jails 2 Karen Women for Illegal Gold Prospecting

 

  Adapted by ASEAN Now from Khaosod 2025-09-12

 

 

11 minutes ago, snoop1130 said:

The Joint Private Sector Committee (JPSC) found anomalies in trade data, with gold shipments to Cambodia valued at tens of billions of baht being far higher than historical norms.

 

Who? Give us names. I can't believe there is no monitoring of these transfers. 

This has been going on for many years... Gold bought mostly in Singapore (and now Thailand), not recorded in Cambodia, then smuggled to Vietnam, where import is restricted. 

Not difficult to find out who is behind it, I think..for years the THB is manipulated allready..decline economic grow, less tourists, political instability, etc but the THB keeps to be strong.

Funny, I thought moving gold out of the country would weaken the baht since it is often associated with loss of confidence in the host countries economy.  Think the movie Rollover.

They blocked my PayPal account for good - being a dirty farang - but cannot monitor gold movements? 

Thank you for this most hilarious contribution of this month - is this country run by complete morons? 

15 minutes ago, Sydebolle said:

 

Thank you for this most hilarious contribution of this month - is this country run by complete morons? 

 

 

Rhetorical?

3 hours ago, DrPhibes said:

Funny, I thought moving gold out of the country would weaken the baht since it is often associated with loss of confidence in the host countries economy.  Think the movie Rollover.

 

If it affects the exchange rate, then I expect that the gold sellers are converting whatever currency they are paid with into Baht.

3 hours ago, DrPhibes said:

Funny, I thought moving gold out of the country would weaken the baht since it is often associated with loss of confidence in the host countries economy.  Think the movie Rollover.

 

My interpretation of what they're implying is that huge amounts of foreign currency are being converted into baht to pay for these enormous gold purchases, but I could be wrong.

Something else going on here...

Gold being exported to Cambodia won't impact the THB price... in any capacity...

50 minutes ago, Jenkins9039 said:

Something else going on here...

Gold being exported to Cambodia won't impact the THB price... in any capacity...

Especially if these operations are done on the black market, preventing them to register in official stats.

 

The explanation provided above, involving Vietnam, appears to be the most convincing, since one wonders how impoverished Cambodia could afford buying such quantities of gold.

 

It is not so much that the baht is appreciatiing but that the USD is fast sinking. Currencies are engaged in a race to the bottom and the baht is just a laggard...

1 hour ago, Sydebolle said:

They blocked my PayPal account for good - being a dirty farang - but cannot monitor gold movements? 

Thank you for this most hilarious contribution of this month - is this country run by complete morons? 

No not morons , just  greedy criminals.

21 hours ago, snoop1130 said:

gold shipments to Cambodia

 

I would like to assure you that none has come my way in Siem Reap😆

And there'll be the usual disconnect between 'being alarmed' and 'actually doing anything useful' ...

2 hours ago, Jenkins9039 said:

Something else going on here...

Gold being exported to Cambodia won't impact the THB price... in any capacity...

 

Let's say Cambodia is just an intermediary. Someone or some group powerful in Thailand unloads the gold for US dollars. Then they use that to buy Thai baht.

Why? Once they stop buying, the baht crashes. Combined with something else happening, such as investors being afraid to buy Thai bonds to cover their huge budget deficit, there is a crisis.

A crisis calls out for military intervention.

 

Exports ? 

How ? Aren't the borders closed and trade stopped ?

Chinese buying through Cambodia ?

On 9/12/2025 at 4:26 PM, snoop1130 said:

Thailand’s business leaders have raised concerns over irregular gold exports to Cambodia, which they fear are artificially strengthening the baht and threatening the country's economic recovery.

 

The cunning Khmers have found a way to tank the Thai economy, amazing. Just who will believe this fairytale?

Thai gold to Cambodia then goes to China... China is stock-piling gold.

Maybe many countries are doing this, un certain times worldwide. Reported today on French news , gold hits record heights. Not a good time to buy unless there is a reason. 

10 hours ago, Jedimaster said:

The explanation provided above, involving Vietnam, appears to be the most convincing, since one wonders how impoverished Cambodia could afford buying such quantities of gold.

 

Cambodia's state reserves in gold actually have not increased for many years, despite of huge gold imports from Singapore and Thailand over the years. Those imports are not properly accounted for by the Cambodian authorities. In Vietnam, at the same time, there's a huge demand for gold, with prices well above international ones, as import is restricted.