The sharp increase in Thailand's gold exports to Cambodia has driven up the Thai baht, prompting calls for an investigation.

Thailand's unusually sharp increase in gold exports to neighboring Cambodia has sparked calls for an investigation. These exports are seen as one of the factors boosting the Thai baht, and the appreciation of the baht is threatening the country's exports and tourism industry. According to customs department data, in the first seven months of 2025, Thailand's gold exports to Cambodia increased by 19% compared to the previous year, reaching 71.3 billion baht. The growth rate could potentially surpass last year's record of 106 billion baht. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, said that the surge in gold and jewelry exports to Cambodia since last year is disproportionate to the country's size and demand. "This looks suspicious," Kriengkrai said, calling for the Thai central bank, customs department, and Ministry of Commerce to launch an investigation. "It could involve the gray industry, such as fraud and casinos. They may be using gold as a tool for money laundering."