KResearch projects that Thai textile and apparel exports will amount to around USD7.5-7.7 billion in 2014, growing 0-3 percent YoY. Impetus for this bright forecast includes an improved global economic outlook and lingering momentum from the Football World Cup 2014. Orders from European trade partners are also expected to pick up, because importers will be attempting to restock before Thailand's GSP expires at the yearend. Also, Japan has reduced their textile output from China, which should help our trade value to increase this year.
Promising markets for our output include Japan, the EU, ASEAN, China and South Korea, to name a few. Our high-tech and value-added products are expected to gain potential for market penetration, e.g., hi-tech textiles that can be part of other relevant businesses with promising growth in the global market such as in the auto and medical industries. Also trending well are products that correspond well with global consumption trends, e.g., eco-textiles, products for the aged and those for urbanization demand.
This year's exports may see an uptrend continuing from last year, but trade barriers and competitiveness issues will remain daunting challenges – especially when compared to other exporters in the region – where structural problems (labor shortages and wages) and trade barriers exist (due to revocations of tax benefits and little progress in trade negotiations with several partners).
To tackle those challenges, Thai exporters must raise their competitiveness by placing a focus on new trade destinations, particularly those where Thailand has an FTA. It is also crucial for businesses to examine their strengths and make themselves stand out with products that follow consumer trends and thus match demand of trade partners. It may be equally important for entrepreneurs to find solutions for rising costs and to broaden investments in neighboring states. These methods may help sustain us in supply chains.
Attention should also directed toward special economic zones in the vicinity of border locales, notably in Tak (Mae Sot district), one of five pilot areas designated by the government as a potential venue for labor-intensive manufacturing, e.g., textiles and apparel.
Enter the code from the poll
Annotation
This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow.