The important thing is for the currency to settle. Not everyone is on the losing end. Among the few winners are exporters of low-end products, which have suddenly become competitive with items from China, India and Indonesia. Kamol Khoosuwan is president of Saha Union, a conglomerate with interests in companies that make shoes for Nike and Timberland. Profit margins will also dramatically improve provided we don't see big wage rises.
Agricultural exports are also up.
Steel is another beneficiary. Richard Han, chief executive of Hana Microelectronics, is bullish on his company's products. Overall, the baht devaluation will have a positive impact on the electronics industry, except individual companies burdened with foreign-exchange loans. But there are limits to how much Thailand can grow its labor-intensive exports. Multilateral quotas on textiles, for example, favor poorer economies like Bangladesh.