16-6-2023 (BANGKOK) Thailand’s Finance Minister, Arkhom Termpittayapaisith, stated on Friday that the country’s economy continues to exhibit strength, despite a decline in shipments. He also highlighted that the weaker value of the baht currency will support exports throughout this year.
Mr. Arkhom informed reporters that the current exchange rate of the baht, which is weaker compared to last year, could contribute to export growth or a minimal decline for the full year of 2023.
“The exchange rate is still favorable… and at the current level, exports may either remain stable or experience only a slight decline for the entire year,” Mr. Arkhom explained.
Since the beginning of the year, the baht has depreciated by 0.3% against the United States dollar.
Data from customs authorities revealed that the value of exports, a crucial driver of Thai economic growth, decreased by 5.2% in the January-April period compared to the same period last year.
Despite the global economic slowdown, Mr. Arkhom expressed optimism that Thailand, as Southeast Asia’s second-largest economy, would benefit from the recovery of other Asian economies.
