Thailand’s gold exports to Cambodia soar to 68 billion baht, JSCCIB urges urgent investigation

Thailand’s gold exports to Cambodia have surged dramatically, reaching $2.149 billion (approximately 68 billion baht) in the first seven months of 2025. This makes Cambodia Thailand’s second-largest gold export destination, after Switzerland, despite its relatively small economy. This sharp increase has raised suspicions, especially since it has coincided with an unusual and rapid appreciation of the Thai baht, sparking questions about the true nature of the trade.

Kriengkrai Thiennukul, Chairman of the Federation of Thai Industries (FTI), revealed that the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB)—which includes FTI, the Thai Chamber of Commerce, and the Thai Bankers' Association—has closely examined this issue.

Kriengkrai explained that such a massive gold export influx has rapidly brought foreign currency into Thailand, driving up demand for the baht and causing its abnormal appreciation. This is at odds with the current economic conditions, which have yet to fully recover, and with the Bank of Thailand’s (BOT) recent decision to cut interest rates by 0.25% to stimulate the economy—a move that typically weakens the baht.

The primary concern lies in Cambodia’s ongoing issue with scammers or call centre gangs, prompting the JSCCIB to worry that this surge in gold exports may be linked to the grey economy or money laundering activities using gold as a medium. Although there is no 100% confirmation, the JSCCIB believes this could be an unforeseen factor that falls outside the formal economy and requires urgent investigation.

To address these concerns, the JSCCIB has submitted an urgent proposal to the new government and the BOT, requesting that gold trade values be separated from the overall export calculations to provide a clearer picture of other exports. This will help accurately assess any anomalies in the data.

Moreover, the JSCCIB has called on the BOT to carefully manage the baht’s movements to prevent excessive fluctuations. Abnormal appreciation or depreciation of the baht directly impacts businesses across all sectors, including exports, agriculture, and tourism.

The rise in gold exports to Cambodia has become a key issue that must be closely monitored, as it not only affects the baht’s strength but also raises concerns about potential links to illegal businesses in neighbouring countries. The JSCCIB hopes the new government will prioritise this issue and act swiftly to protect Thailand’s economy from potential risks in the near future.