The US financial crisis has now affected economies in all regions worldwide, especially those in Europe, Japan and other Asian countries. It is expected that the global economic meltdown will hit overall Thai export sectors in 2009 quite severely. Garments are likely to be hurt the most because consumers are spending less on clothing when they have little disposable income when it is not an immediate necessity. When consumers do spend on clothing, they are tending toward low-cost garments imported from China, India, Bangladesh, Indonesia, Vietnam and Cambodia. As a result, Thai garment exports are facing intensified competition amid limited purchasing power.
Due to the severely decelerated economies of the US, Europe and Japan, the key export markets (accounting for 85 percent) for Thai garment products, Thai garment producers should seek new export markets with potential, particularly markets that are less affected by the global financial crisis. However, exporting to these new markets is not quite that easy because there are some barriers lying ahead, such as insufficient information about consumer behavior and demand in new markets. Moreover, other countries are vying for a place in emerging markets just as Thailand is. Strategies needed for Thai exports include R&D on design and quality in order to differentiate Thai products, as well as reducing production costs to help increase improve the margins on Thai garment exports.
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