Thailand's garment export growth is re-adjusted due to the contraction of garment exporters, foreign exchange losses and the slow global economy.
According to Vallop Vitanakorn, an adviser to the Association of Thai Garment Manufacturers, the minimal depreciation of Thai baht and deflation in the European Union were continuing to weigh heavily on the industry after it lost EU import duty privileges for apparel early this year.
Since many negative factors have hit global economic expansion, the association needs to trim its export target for this year with the resignation of 4 percent contraction from garment exporters, instead of zero or two percent expansion, he added.
The fall in garment exports would be the first in the past few years since the severe flooding in Thailand in the late 2011.
Thai garment shipments last year were flat at around 2.9 billion USD, although general clothes have been hit by the currency problem.
The recovery in the United States, which is a major export market for Thai garments, was too slow, while buyers have focused more on Vietnam and other countries with cheaper labour, according to Bangkok Post newspaper.
The US is still a major market for Thai garments, accounting for 30 percent of exports, followed by the EU for 26 percent, Japan for 13 percent, and ASEAN for 7 percent.-VNA
According to Vallop Vitanakorn, an adviser to the Association of Thai Garment Manufacturers, the minimal depreciation of Thai baht and deflation in the European Union were continuing to weigh heavily on the industry after it lost EU import duty privileges for apparel early this year.
Since many negative factors have hit global economic expansion, the association needs to trim its export target for this year with the resignation of 4 percent contraction from garment exporters, instead of zero or two percent expansion, he added.
The fall in garment exports would be the first in the past few years since the severe flooding in Thailand in the late 2011.
Thai garment shipments last year were flat at around 2.9 billion USD, although general clothes have been hit by the currency problem.
The recovery in the United States, which is a major export market for Thai garments, was too slow, while buyers have focused more on Vietnam and other countries with cheaper labour, according to Bangkok Post newspaper.
The US is still a major market for Thai garments, accounting for 30 percent of exports, followed by the EU for 26 percent, Japan for 13 percent, and ASEAN for 7 percent.-VNA
