Kasem Prunratanamala of CGS International warns that both Thailand and Cambodia stand to lose economically from the ensuing conflict, as Thailand’s trade surplus with Cambodia becomes at risk and Cambodia’s casino industry faces a hit as Thai visitor revenues dry up.

BANGKOK -- Armed clashes have broken out between Thailand and Cambodia in long-disputed border areas, rapidly escalating months-long tensions.

Cambodia and Thailand forces fought each other for the third day over contested territory as the death toll rose to at least 32 as both sought a cease-fire.

Livestock offices in Thailand's border provinces are offering safe space for animals whose owners have had to flee the fighting with Cambodia.

The Thai warning came as the U.S. expressed its grave concern about the most serious fighting in years between the Southeast Asian neighbors. The U.S. and China compete for influence in fast-growing Southeast Asia, and both have good relations with Thailand and Cambodia.

The growing border conflict between Thailand and Cambodia continued into its third day with new attacks, as fears of war loom. The conflict’s death toll rose substantially on Saturday, with Cambodian authorities reporting 12 new deaths and Thailand one,