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Strong baht is only for the near term says Commerce Minister

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Thailand currency

Commerce Minister Porntiva Nakasai said the baht would be stronger only for a short period following a flood of investment into the stock market.

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She maintains export value can still meet the 14-per-cent growth target previously forecast for this year. In the first quarter alone, exports look set to grow 20 per cent to US$40 billion (Bt1.29 trillion).

However, she admitted export growth could slow in the second quarter if the baht remained too strong for long, because it would create problems for exporters trying to do business.

Thai Rice Exporters Association president Chookiat Ophaswongse said Thai rice exporters faced greater difficulty competing with Vietnamese exports, due to the widening price gap between the two countries' rice.

“Vietnamese rice is much cheaper than Thai rice, by $80 to $100 per tonne. Vietnam's dong is 8-per-cent weaker than the baht. Thailand will definitely lose export share in many countries that prefer cheaper rice,” he said.

via Strong baht is only for the near term: Porntiva.

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