Thailand: Economy strong despite weak exports, baht supportive – Finance Minister

Thailand’s economy remains strong, despite weaker shipments, though the weaker baht currency will be supportive of exports this year, Finance Minister Arkhom Termpittayapaisith said on Friday.

The weaker baht compared with last year could for the full year 2023 help exports to either grow, or fall only slightly, Mr Arkhom told reporters.

“The exchange rate is still good… and with the current level, exports may not be negative or just slightly negative for the full year,” Mr Arkhom said.

The baht has weakened 0.3% against the United States dollar so far this year.

In the January-April period, the value of exports, a key driver of Thai growth, declined 5.2% from a year earlier, customs data showed.

With global growth slowing, Southeast Asia’s second-largest economy will benefit from a recovery in other Asian economies, Mr Arkhom said.