Thailand's gold exports to Cambodia surge, boosting the Thai baht and raising calls for investigation

Thailand's gold exports to neighboring Cambodia have surged unusually, prompting calls for an investigation. These exports are seen as one of the factors driving up the Thai baht, and the appreciation of the baht is threatening the country's exports and tourism industry. According to customs data, in the first seven months of 2025, Thailand's gold exports to Cambodia increased by 19% year-on-year, reaching 71.3 billion baht, with the growth rate potentially allowing this year's exports to surpass last year's record of 106 billion baht. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, stated that since last year, gold and jewelry exports to Cambodia have surged, which is inconsistent with the country's size and demand. "This looks suspicious," Kriengkrai said, calling for an investigation by the Bank of Thailand, customs, and the Ministry of Commerce. "It may involve gray industries, such as fraud and casinos. They may be using gold as a tool for money laundering."