Thai textile industry expected to grow 3.66% this year

BANGKOK, June 25 (TNA) - As the ongoing World Cup fever continues worldwide and Thailand was assigned to produce soccer outfits for 10 teams participating in the 2014 FIFA tournament, Atchaka Sribunruang Brimble, Director-General of the Industrial Promotion Department, under the Thai Ministry of Industry, has foreseen that Thailand’s exports of textile and garment products should grow by 3.66 per cent year-on-year in 2014. Atchaka told journalists on Wednesday there are signs that the business of sport outfits should continue to grow because more people now love to have physical exercising, while Thai manufacturers were assigned to make soccer outfits for 10 teams contesting in the World Cup. Atchaka, thus, estimated that Thailand’s exports of textile and garment products could fetch about 7.6 billion US dollars this year, up 3.66 per cent from last year. Wallop Wittanakorn, Vice Chairman of the Federation of Thai Industries (FTI), assessed, meanwhile, that Thai exports to the United States and Europe remain positive although Washington has downgraded Thailand’s human trafficking rating. Wallop expressed his belief that Washington's downgrade should not affect trade connections between US and Thai business operators. Suggesting that Thai textile manufacturers further develop their own brands, Yuttana Silpsarnvitch, Secretary-General of the Thai Garment Manufacturers Association, pointed out, in the meantime, that several retailers have closed businesses after their purchasing orders were cancelled, as buyers have switched to purchasing from major manufacturers. According to the FTI vice chair, business operators are now worrying over trade privileges granted by the European Union (EU) under its generalised system of preferences (GSP), which expires next year. (TNA)