It is noteworthy that the overall export growth of Thai furniture and parts has so far kept pace with the growth of such exports to the USA. US economic growth in 2008 will likely decelerate further, hit by soaring oil prices, economic instability and the sub-prime mortgage crisis. According to the latest projection by the International Monetary Fund (IMF), the US economy is expected to grow 1.3 percent this year, decelerating from the 2.2 percent in 2007. As a result, US home demand may decline, which would then affect demand for furniture in the US market and our furniture export growth to the US and global markets, alike.
KASIKORN RESEARCH CENTER (KResearch) projects that the export growth of Thai furniture and parts to the USA this year may shrink 20-25 percent to less than USD 300 million, accounting for less than one percent of the US market. As US customers focus more on durability and value in these products, Thai entrepreneurs should place greater emphasis on production upgrades, proactive marketing strategies and unique designs that concentrate on versatility and a natural look. Alliances should also be sought with other business partners to broaden distribution channels in the US market. In addition, entrepreneurs should participate in overseas trade fairs to ensure greater competitiveness in the middle- and low-end markets, which look quite promising. In so doing, our market share in the US, one of the world's largest furniture markets, will be maintained and perhaps even increase in the future.
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