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TNSC Warns Strong Baht May Impact Q4 Export Growth

by Geraldine S.
08/22/2024
in Economic Indicators

The Thai National Shippers’ Council (TNSC) has expressed concerns that the recent rapid appreciation of the baht, now trading at over 34 baht to the US dollar, may negatively affect the export sector’s performance in the fourth quarter of the year. TNSC chief Chaicharn Charoensuk stated on Wednesday that while the export sector saw a 2% year-on-year growth in the first half of 2024, this was largely supported by the previously weaker baht. He noted that in July, the baht was valued at 36 to 36.5 per US dollar but has since strengthened to 34.5 baht per US dollar, a significant increase in a short period.

Chaicharn emphasized that the stronger baht could pose challenges for exporters in the last quarter, particularly given the expected lower availability of agricultural products, which had contributed to a 20% year-on-year growth in the first half of the year. He advised exporters to be cautious when accepting orders for delivery in the coming months and recommended securing insurance to mitigate exchange rate risks.

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The Kasikorn Research Centre (KResearch) reported that the baht reached a peak of 34.06 baht per US dollar on Wednesday, marking its strongest level in 13 months. KResearch attributed this rapid appreciation to foreign investors’ expectations that the US Federal Reserve might reduce policy rates during its final three meetings of the year. The center forecasts that the baht will remain around 34.5 baht per US dollar through the end of the year.

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  • Home
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  • Compliance
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  • Global Trade
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© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.