MTS Gold Clarifies Legal Gold Exports to Cambodia

Thailand’s gold industry has recently been at the center of public discussion after the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) raised concerns about the country’s gold exports to Cambodia. The JSCCIB suggested that these exports might be contributing to the unusual appreciation of the Thai baht. However, Dr Kritcharat Hirunyasiri, Chairman of MTS Gold Group, one of Thailand’s leading gold trading companies, has clarified the situation, stressing that the claims are inaccurate and the exports are fully legal.

In a detailed statement, Dr Kritcharat explained that international gold trading is conducted under strict legal procedures. He emphasized that these exports do not involve any “grey market” transactions and, importantly, they have no impact on the value of the Thai baht.

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MTS Gold’s Key Clarifications

MTS Gold highlighted four main points to explain the legality and process of gold exports to Cambodia:

1. Compliance with Customs Regulations
   Dr Kritcharat stated that the gold exported to Cambodia is part of international trade, passing through proper customs channels in both Thailand and Cambodia. He clarified that these transactions are fully legal and cannot be considered "grey money," contrary to the JSCCIB’s allegations.

2. Licensed Cambodian Traders
   The Cambodian Gold Traders Association has confirmed that the gold trade is conducted only with licensed dealers. Currently, Cambodia has only three to four authorized gold traders who are legally permitted to buy and sell gold. Dr Kritcharat emphasized that these traders are legitimate and not part of any illegal business network.

3. Dollar Transactions Do Not Affect Thai Baht
   Gold trading between Thailand and Cambodia is conducted in US dollars, both for exports and imports. This means that the transactions do not involve the Thai baht and, therefore, cannot be a factor in the baht’s recent appreciation. Dr Kritcharat firmly rejected the claim that gold exports were causing the baht to strengthen.

4. Thailand as ASEAN’s Gold Hub
   Over the past five years, Thailand has become a major hub for gold exports in Southeast Asia, sending large amounts of gold to Switzerland and neighboring countries. The growth of Thailand’s gold industry naturally includes increased trade with Cambodia. Dr Kritcharat noted that this is a sign of Thailand’s strong position in the regional gold market.

Criticism of JSCCIB’s Claims

Dr Kritcharat also criticized the JSCCIB for making assumptions without verifying the facts. He warned that such unfounded claims could create misunderstandings and negatively affect Thai gold traders. He noted that the JSCCIB itself has been working to promote Thailand as the gold trade hub of ASEAN, so accusations questioning the legality of gold exports are counterproductive.

He further explained that the appreciation of the Thai baht is mainly driven by the weakening of the US dollar, not by gold prices or exports. As the dollar weakens, it is normal for the baht to strengthen. He stressed that monitoring the baht’s value is the responsibility of the relevant authorities, not private traders.

Export Volume and Market Insight

Currently, only three to four Thai gold traders export gold abroad, including to Cambodia. Although Cambodia has a smaller market, it is capable of buying significant quantities of gold and reselling them successfully. Dr Kritcharat noted that Cambodia’s proximity to major markets such as Vietnam and China allows it to manage these large purchases effectively.

The Thai gold traders urged that accusations linking exports to money laundering or other illegal activities are misleading. Dr Kritcharat emphasized that the export of gold from Thailand is fully traceable through banking transactions and customs declarations.

Verification by the Gold Traders Association

Jitti Tangsitpakdee, President of the Gold Traders Association of Thailand, confirmed that after reviewing export data, the value of gold exports to Cambodia is about 60 billion baht. This figure is lower than the previous year and represents approximately 10% of Thailand’s total annual gold exports, which amount to several hundred billion baht.

Thailand exports the most gold to countries like Singapore and Hong Kong. Traders acting as intermediaries in Thailand import gold from these countries where gold is in short supply, then export it to Cambodia. These transactions go through official banking and customs processes, and they do not affect the exchange rate of the baht or gold prices.

Gold Export Trends

According to the Department of Foreign Trade, Ministry of Commerce, gold exports to Cambodia have been rising each year:

• 2021: THB 8,627 million

• 2022: THB 55,781 million

• 2023: THB 12,562 million

• 2024: THB 105,982 million

From January to July 2025, Thailand exported gold worth THB 71,312 million to Cambodia. Thailand’s key gold export markets include Switzerland, Singapore, Hong Kong, Laos, Indonesia, Japan, India, the United States, China, and Cambodia.

The top 10 gold export markets from Thailand for the first seven months of 2025 are:

1. Switzerland – THB 108,145 million

2. Cambodia – THB 71,312 million

3. Singapore – THB 34,826 million

4. Hong Kong – THB 10,005 million

5. Laos – THB 8,031 million

6. United States – THB 6,628 million

7. Indonesia – THB 5,725 million

8. United Arab Emirates – THB 4,411 million

9. Japan – THB 1,629 million

10. India – THB 1,495 million

This data shows that Cambodia, although a smaller market, is an important destination for Thai gold exports.

Role of Intermediaries

In Thailand, gold intermediaries play a key role in balancing supply and demand. Gold is sometimes scarce locally, so traders import gold from Singapore or Hong Kong, process it through Thailand (without taxes), and then export it to Cambodia. These transactions are conducted in small quantities, go through banking and customs channels, and are fully legal.

The Anti-Money Laundering Office (AMLO) can trace all export paths, ensuring transparency and legality. This process also confirms that such transactions have no impact on the baht’s value.

Thailand’s gold exports to Cambodia are a legal, transparent, and well-regulated part of international trade. Claims linking these exports to the baht’s appreciation are incorrect, as gold transactions are conducted in US dollars and do not affect the Thai currency.

Dr Kritcharat and the Gold Traders Association urged authorities and the public to understand that the growth of gold exports reflects Thailand’s strong position in the regional gold market. The rising exports to Cambodia are a natural outcome of Thailand becoming a central hub for gold trade in ASEAN, and they do not pose risks of money laundering or financial instability.

Thailand continues to strengthen its reputation as a major gold trading hub, supporting regional markets while maintaining strict legal compliance and financial transparency.