Thai Baht Gains on US Iran Attack Pause as June Exports Jump 20.8%

The Thai baht opened at 33.57 per US dollar, firming from the previous close of 33.69 as the dollar weakened after the United States temporarily halted its air attacks on Iran. No major Thai economic data were scheduled for the day, and analysts expected the baht to trade within a 33.50‑33.75 range.

June 2023 export value rose 20.8% year‑on‑year to $34.66 billion, driven primarily by electronics such as computers, hard‑disk drives and other AI and data‑center equipment. Exports to the United States grew 44.3% YoY, while the overall trade balance recorded a deficit of $6.5 billion. However, Thai exporters face heightened risk from the United States’ Section 301 measures, which could impose a 12.5% tariff on certain Thai goods classified as forced‑labor products, potentially curbing future growth.

Analysts at Krungsri Bank noted that the baht’s strength reflects broader regional currency appreciation amid the easing of Middle‑East tensions, while warning that the Section 301 risk may offset the recent export momentum.