BANGKOK, 23rd March 2018 (NNT) - State agencies in charge of the country’s trade and currency are working on ways to ease the impact of a stronger baht on the export sector.

Though the export figures between January and February hit a new high over the past seven years and border trade is still trending upwards, an influx of Chinese products into border area markets and elsewhere in neighboring countries is posing a threat to Thai businesses. The strengthening of the baht that has pushed up the prices of Thai exports has led to some Thai products being replaced by less expensive goods from China.

In response, the Bank of Thailand and the Ministry of Finance are working together to address the stronger baht. The Ministry of Commerce is promoting investment and trade with Southeast Asian countries, with plans to penetrate secondary cities. Among the target cities are Champasak in southern Laos and Shan State of Myanmar where the Thai government is encouraging the private sector to set up construction, service and tourism businesses.

The Department of Foreign Trade aims to raise border trade growth by 15 percent. It is preparing to propose a trade enhancement plan to the committee tasked with promoting border trade and investment in neighboring countries.

National News Bureau Of Thailand | State agencies seek solutions to impact of strong baht