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Thai textile likely to touch USD 7.6 billion this year

YarnsandFibers News Bureau 2014-06-26 18:10:00 – BANGKOK, Thailand

Thai textile and garment products likely see an increase by 3.66 percent to last year touching US$7.6 billion this year as per the Ministry of Industry official. According to Atchaka Sribunruang Brimble, director-general of Industrial Promotion Department at the ministry, there is a growing demand for sport outfits as more Thais are turning to physical exercise. At the same time, Thai companies have been assigned to manufacture soccer outfits for 10 teams participating in the 2014 FIFA World Cup tournament. However, regardless of the US downgrading the country on its human trafficking watchlist, this downgrade has not affected trade connections between US and Thai business operators. As garment and textile exports to the United States and Europe have remained positive, said Federation of Thai Industries vice chairman Wallop Wittanakorn. But the Thai business operators are concerned over trade privileges granted by the European Union under its generalised system of preferences (GSP) which expires next year. A number of retailers have also shut down their businesses after buyers switched to other major manufacturers. Thai Garment Manufacturers Association secretary-general Yuttana Silpsarnvitch has urged the local textile manufacturers develop their own brands in light of this to help textile industry boost.

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