The old headquarters of the Bank of Thailand
The Ministry of Commerce has disclosed that it has lowered the expected export growth target for the year 2013 from 8-9% to 7-7.5%, on news of the increasing buying power of the baht. Boonsong Teriyapirom, the Commerce Minister, made the announcement on Wednesday. The adjustments were made after talking with the ministry’s commercial attaches as well as with numerous directors from international trade offices in 62 countries, he added.
Some economists are speculating that the increasing power of the baht has caused a decrease in orders for Thai goods. Also, it is possible that the currency’s gains will affect exports in the second half of 2013. Affected industries include jewelry, ornaments, agricultural products and frozen food, the Bangkok Post reported.
