At a press conference on September 15 in Bangkok with President of the Thai Industrial Federation (FTI) Kriengkrai Thiennukul, the new Thai Prime Minister Anutin Charnvirakulpas said that the new Finance Minister Ekiti Nitithanprapas will directly direct the investigation. He stressed that this is a necessary move to protect economic stability, and warned that he would prosecute if any unusual signs were detected.
According to data from the Thai Ministry of Commerce, in the first 7 months of 2025, the country's gold exports increased by 69% over the same period, reaching about 254 billion baht (equivalent to 8 billion USD). Notably, the amount of gold flowing to Cambodia skyrocketed to 68 billion baht ($2.15 billion), accounting for 26.8% of total turnover, making Cambodia the second largest market for Thai gold after Switzerland.
This explosive growth raises doubts about underground flows exceeding regulations, especially as the border remains closed. Prime Minister Anutin said that Thailand will proceed cautiously, both through diplomatic channels and ensuring national security, before considering connecting border gates.
If the investigation clarifies any violations, the impact will spread immediately to Cambodia, where gold miners and traders rely heavily on gold from Thailand. Tightening imports can increase import costs, reduce retail profits and weaken people's purchasing power.
However, the Cambodian side affirmed that the control system is completely transparent. Mr. Chhay Sinat - Chairman of the Cambodia Jewelry Federation (CJF) - told Khmer Times: "This industry is under the direct supervision of the National Bank of Cambodia. Every business needs a license, and customs carefully check each shipment. We have no evidence of violations.
Mr. Chea Chandara - Chairman of the Cambodia Logistics and Supply Chain Association (LOSCBA) - has a different opinion. According to him, Bangkok's move is more political than economic: "Thailand is taking advantage of border tensions to sow doubts about Cambodia's prestige in the international gold market".
Meanwhile, the General Department of Customs and Customs of Cambodia on September 16 also reimposed a ban on importing a series of goods from Thailand, including vegetables, fruits and fuel. Other goods are still allowed to be imported, but cannot go through border gates arbitrarily closed by Thailand.
Analysts said that this investigation is not simply a matter of trade, but also a test of bilateral relations. If Thailand tightens gold exports, Cambodia could be forced to find alternative supply, affecting gold prices.
