Commerce Minister Boonsong Teriyapirom yesterday admitted for the first time that continued baht appreciation may cut the country's exports this year to less than 5%, down from its target of 8-9% growth.
"The baht's continuous gains this year, rising by more than 6% year-to-date, has led several trade partners to baulk at new purchase orders as they expect continued appreciation," said Mr Boonsong. "The real impact of baht appreciation will likely become clearly visible from the second quarter onwards."
The Commerce Ministry's target of 8-9% growth to US$240-250 billion is based on the baht averaging 30 to the dollar.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.