Thai garment exports tipped to drop further
Thai garment exports are expected to continue to decline with more Thai manufacturers expanding to neighbouring countries to tap cheaper costs and better tariff benefits. Vallop Vitanakorn, an adviser to the Thai Garment Manufacturers Association, said after expanding investments to Cambodia and Vietnam over the past four years, manufacturers were expected to generate US$600 million in overseas sales this year. Vallop said that as a result, garment exports from Thailand were forecast to declined about 7 per cent to $2.55 billion but that was not an alarming development. “Exports from the industry will grow strongly from neighbouring countries in particular Cambodia and Vietnam. If we include the export figure from neighbouring countries, Thai garment exports have still increased and will not be worth less than $3.15 billion this year,” he said.
