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Saturday, October 1, 2022

Thailand’s trade deficit for June amounts to 40 billion baht as currency weakens

Thailand’s trade deficit for the month of June was over 40 billion baht, partly due to a 19% increase in the value of imports, especially energy. The figure includes a 10% increase in the value of exports. The Thai baht also weakened against the US dollar, said Krungthai Global Markets Strategist Poon Panichpibool today (Monday).

According to Poon, the baht is expected to fluctuate between 36.5 and 36.7 baht/US dollar today, and between 36.3 to 36.9 baht/US dollar this week.

He forecast, however, that the baht currency may further weaken, but will not break the 37 baht/US dollar threshold if China does not resort to widespread lockdowns to contain the spread of COVID-19 in the country.

He said that the reduction in the international value of the baht could be slowed down by short-term profit taking in the stock market by foreign investors and profit taking by some…

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