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TGMA optimistic of maintaining steady growth

05
Nov '08
Despite the fact that global economic crunch is taking its toll on almost all the industries, textile and garment sector of Thailand is quite optimistic to be able to cope up with the situation.

Although recession has engulfed the US, one of the major importers of Thai apparel products, experts opine that the industry will be able to maintain its export growth momentum.

In an exclusive interview with Fibre2fashion, Mr Dej Pathanasethpong, President of the Thai Garment Manufacturers Association (TGMA) told, “There is a severe demand drop from USA and European Countries. Their demand constitutes about 60 percent of global supply. This recession will affect on 25 percent of their demand. However, world demand would drop not more than 20 percent.”

Discussing about Asian exporters condition in the current scenario, Mr Pathanasethpong further stressed, “On the supply side, Asia is contributing about 70 percent of world demand on textile and apparel. Global recession would affect those countries that have higher cost compared to Asia such as Latin America, Eastern Europe, and North Africa. From above mentioned reasons the demand drop will have least impact on ASEAN countries.”

Available statistics show that in terms of production, Asia supplies 75-78 percent of the global demand, with China accounting for 35 percent of total supply, followed by Asean at 20 percent, and India and South Asia 17 and 18 percent respectively.

The President went on saying, “In order to cope up with the current situation, Asean suppliers must start concentrating on Japan and China. Japan will be major support to Asean textile and apparel, due to Asean-Japan free trade agreement.”

Mr Dej anticipates that Thai textile and garment shipments would surge by 7-8 percent this year to as much as $7.8 billion. Current domestic consumption is worth about 100 billion baht annually and it is also expected to maintain its stability.

Fibre2fashion News Desk - India


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