Thailand’s textile industry believes industry can maintain growth

Thailand’s textile and garment industry believes that the industry can withstand the US economic crisis and global economic recession, growing at least 2-3% in 2009.
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The president of the Thai Garment Enterprises Association said: “We still believe that the garment industry can maintain export growth. Although the world economic outlook is sluggish, industrial exports are expected to reach US$8 billion. ASEAN and Japan’s export growth is expected to make up for exports from large markets such as the United States and the European Union. Reduce.
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In 2008, the output value of the world’s apparel industry was approximately US$700 billion, of which the United States and the European Union accounted for 55%. Global markets have shrunk by 10% due to the weakening economies of the two economic giants.
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As for production, Asia supplies 75-78% of world demand, with China accounting for 35% of the total supply, followed by ASEAN with 20%, and India and South Asia accounting for 17-18%.
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The chairman said that the production companies most affected may be those located in Central and South America and North Africa, where many American, French and Italian investors invest.
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​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​? Purchase orders will therefore flow to Asian companies, driving regional export growth.
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The chairman pointed out that China’s textile and garment industry is in trouble because of labor shortages and rising wages, which have led to the closure of production by some mainland companies.
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The president said: “The worst case scenario is that industrial growth is flat. But we still believe that industry can grow in 2008. Asian countries, such as Vietnam and China, have begun to import Thai fabrics because Thai fabric designs are more advanced.”
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The chairman predicts that Thailand’s textile and apparel exports will grow by 7-8% in 2008, reaching US$7.8 billion.
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Domestic annual consumption is approximately 100 billion baht and is expected to remain strong, especially among the rural population, whose incomes have increased due to high agricultural product prices.