In a Facebook post Sunday, Cambodian prime minister Hun Manet wrote that “all fuel and gas imports from Thailand will be halted.” He added that Cambodia’s energy companies will be able to import sufficient fuel from other sources.
Still, it’s not clear how much the loss of Cambodia-bound fuel exports will hurt Thailand’s energy companies. Thailand exported 2.3 billion liters of fuel to Cambodia last year, according to local media, citing government data. That accounts for around 20% of Thailand’s total fuel exports, and was worth around 48 billion Thai baht ($1.5 billion).
Relations between Thailand and Cambodia have deteriorated since late May, when troops from both countries exchanged fire over a disputed border. One Cambodian soldier died in the incident.
Thailand’s stock market has slumped since the political crisis began. The SET Index, which tracks companies listed on Thailand’s stock exchange, is down by more than 20% this year, performing worse than during the heights of the COVID pandemic in 2020 and 2021.
