Weak baht contributes to 350 bn baht trade deficit

According to the Thai National Shippers’ Council (TNSC)’s chairman Chaichan Chareonsuk, even though Thai exports have benefited from the weakened baht, reducing the prices of Thai products in line with the currency, it has also increased the costs of importing goods and raw materials needed for production. The higher cost of imports from the weak baht impacts the production costs and prices of Thai products, affecting the competitiveness of Thai exports.

In addition, the weak baht affects the import of fuel products, which have begun to increase due to the Israel-Hamas conflict and OPEC’s reduction of crude oil production by 1 million barrels per day. Meanwhile, Thailand’s demand for fuel products has increased due to the arrival of the Western winter season, which might lead to an increase in oil prices in the country and affect Thailand’s oil and electricity prices. The Thai…