Garment exports contracted 7% during first seven months

BANGKOK, Oct 24 (TNA) -- Thailand’s exports of garment suffered 7 per cent contraction during the first seven months of 2015 compared to the corresponding period of last year while manufacturers hope that the situation would improve during high season later this year, said Thaworn Kanokwaleewong, president of Thai Garment Manufacturers Association. Mr Thaworn said Thailand earned about 2.8 billion US dollars from exports of garment during the period. Suggesting garment manufacturers to improve designs, lower operational costs and exploring new marketing strategies particularly in Japan which captures about 15 per cent of Thailand’s total exports of garment, Mr Thaworn said although garment exports to neighbouring countries command only 5 per cent and earned approximately 4 billion baht for Thailand, they are still considered significant markets for the kingdom. He urged the Thai government to accelerate on promoting trade along the border as well as on developing special economic zones in the medium and long-term designed for boosting people’s purchasing power. Chantira Jimreivat Vivatrat, deputy director-general of International Trade Promotion Department, said that goods exports by Thailand are faring poor in line with sluggish global economy. Thailand’s exports of commodities suffered contraction during the first nine months this year compared to the same period last year, said Ms Chantira. Exporters have to adjust their competitive strategies so that they could compete in the international markets as well as laying networks for long-term cooperation. (TNA)