KResearch projects that the Thai textile industry will be able to bolster their exports over the remainder of 2010. As a result, our overall textile exports in 2010 may grow 12 percent – equivalent to USD7.2 billion in turnover. The major factors that would help support such growth include increased imports by our trade partners and the enforcement of a number of FTAs that offer greater opportunities for our exports, as reflected in the substantial growth seen in our export value during 7M10.
Nevertheless, Thai exporters are advised to be vigilant toward a number of downside risks, including heightened competition from major rivals – especially China and ASEAN member nations – plus continuing efforts by top importing nations such as the US, EU and Japan to increase their textile production investments in other countries for re-export. In addition, a current shortage of labor here may dampen our export growth later on.
As a result, the Thai textile industry must readjust quickly to enhance competitiveness. This could be achieved by bolstering production capacity to meet the increasing needs of buyers, and adjusting marketing tactics to focus on emerging markets, e.g., ASEAN and the Middle East, that are becoming major production bases for textile products, and thus may become leading markets for our exports in the future.
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