The exports of garments from Thailand are expected to touch US$ 7.8 billion in 2014, due to signs of global economic recovery, especially in the EU countries, Mrs. Duangkamol Jiambutr, Deputy Director-General of the Department of International Trade Promotion (DITP) has said, reports The Nation.
After inaugurating the 31st Garment Export Fair in Bangkok, Mrs. Jiambutr said the garment sector was one of those industries that would continue to show strong growth in 2014.
She said the apparel exports from Thailand are expected to rise by 5 percent year-on-year, compared to exports of $7.48 billion made last year.
She said the economic recovery in the EU and a weaker baht, estimated to remain between 31-33 against the US dollar, would give the required push for increase in garment exports.
Apparel companies in Thailand have constantly focused on design and product development, and cost management, which would also help them in sustaining in the global market, she added.
Sukij Kongpiyacharn, president of the Thai Garment Manufacturers Association (TGMA), said garment sales in the domestic market have dropped owing to lower consumer confidence, and hence, apparel manufacturers are focusing more on export market.
He hoped that the Asean Economic Community (AEC) would ensure long-term growth for domestic clothing manufacturers. He added that the TGMA expects more apparel exports from Thailand to the EU, the third-largest market for Thai apparel, once the Thai-EU Free Trade Agreement (FTA) is signed.
Speaking on the occasion, Srirat Rastapana, Permanent Secretary in the Ministry of Commerce, Government of Thailand, urged Thai enterprises to adapt urgently to new regulations and high standards as required in the EU markets, to ensure more exports.
She said Thai companies should be aware of EU trade rules, including policies related to environment protection and corporate social responsibility, in order to enjoy growth in exports to the EU market.