Thailand loses Bt5.1 bln potential revenue from industrial exports due to strong baht

BANGKOK, May 26 (TNA) - Thailand lost 5.156 billion baht of potential revenue from exports of industrial goods during the first quarter this year due to baht appreciation, said Somchai Harnhirun, Director-General of Office of Industrial Economics. Exports of industrial goods in the first three month of this year totaled 43.09 billion U.S. dollar, up by 7.04 percent while shipments in baht term rose by 3.14 percent to 1.2 trillion baht. The baht strengthened about 5.3 percent against the greenback between January and March, he said. However, Somchai said the strong baht had assisted industrial entrepreneurs as they found costs of imported capital goods and machinery cheaper which allowed them to improve production technology and boosted their competitiveness eventually. The strong Thai currency, which happened while the Japanese yen weakened, had helped the cost of imported capital goods and machinery from that country to become cheaper by about 20 per cent while it gave a good opportunity for Thai businessmen to invest in overseas. The baht last Thursday closed at 29.90 against the dollar compared to 29.75 baht on May 17. Commercial banks in Thailand were closed last Friday on a Buddhist religious day. (TNA)