BANGKOK – Exporters in Thailand are prepared to meet the central bank for help as the Thai Baht appreciation continues with concern that it will have great impact on exports.
Since the beginning of the year, the Thai currency has become stronger against the US dollar by 50 satang.
Thai National Shippers Council chairperson Ghayapad Tantipipatpong said since the beginning of 2018, the baht has strengthened by about 0.50 baht against US dollar.
The depreciation has already impacted Thai exporters, who were prepared to meet the Bank of Thailand this week for appropriate measures to resolve it.
The acceptable level of the baht is around 33 to the dollar, but now it stays at 32.10 to the dollar, she said, adding that the rising baht could result in less competitiveness to its neighbours like Vietnam, the Philippines and Indonesia.
Thai baht rose by 10% against Vietnamese Dong, and 5% against Chinese Yuan.
Meanwhile Commerce Minister Sontirat Sontijirawong said animal feed producers have already raised prices of exported goods due to baht appreciation.
According to Siam Commercial Bank’s Economic Intelligence Centre, the baht will hover at between 32 to 33 to the dollar this year.
The appreciation could have impact on the country’s major agriculture exports such as rubber and rice which will become less competitive in comparison to its leading competitors such as Vietnam.
But overall, the country’s exports would be able to grow by 5% this year, he said.
Source: Thai PBS