Garment exports in 2010 seem to have a brighter future along with the global economic rebound, which will ensure that consumers increase their spending. This is particularly true for garments, for which spending usually resumes as an economy recovers.
Moreover, the next World Cup that will be held in 2010 will be an important boost to garment exports as Thailand will also be an important production base for leading brand sportswear. Therefore, it is expected that orders for sportswear will increase in 4Q09 and continue into 2010. The projected export value in 2010 should total around USD3.025 billion, growing 10 percent YoY (in 2009, the export value has fallen around 10-12 percent). However, the direction of Thailand’s garment exports will be still subject to many obstructions that need to be solved urgently.
Such domestic factors include the Baht’s appreciation, a shortage of garment workers to support the increase in orders, and external factors that are beyond our control, particularly the sensitive fragile recoveries in key trade partner economies such as the USA, EU and Japan, which are important export markets, plus developments in trade rival countries that have also been battered by the global crisis like us, and are now pushing their exports to substitute contractions in the recent quarters.
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