The Thai Rice Exporters Association said on Wednesday it is concerned about the strength of the baht USDTHB and called on the government and the central bank to urgently take steps to weaken the currency from multi-year highs against the dollar.

“There is a need not only to prevent excessive appreciation of the baht but also to weaken it to a competitive level while maintaining its stability to avoid severe fluctuations,” it said in a statement, saying the baht’s strength was hurting rice exports and the incomes of millions of farming households.

The baht traded at its strongest level against the U.S. dollar in more than four years on Tuesday, LSEG data showed, and was trading around 31.8 per dollar on Wednesday. It has risen by 8% against the dollar so far this year, making it the second-best performing Asian currency after Taiwan’s dollar USDTWD.

The currencies of other major rice exporters such as India, Vietnam, and Pakistan have depreciated against the U.S. dollar, resulting in exchange rate differences between Thailand and its competitors of as much as 10%, the group said.

Thailand’s rice shipments dropped by 25% year-on-year to 4.3 million metric tons in the first seven months of 2025.
Source: Reuters