Export Garment Fair to boost Thai economy in late 2014

BANGKOK, October 24 (TNA) - Thailand's Export Garment Fair, organised by the Ministry of Commerce from October 24-November 2, 2014, is expected to help boost the national economy late this year. Duangkamol Jiambutr, Deputy Director-General of the ministry's Department of International Trade Promotion, announced the expected target on Friday, after opening the Export Garment Fair, the 32nd of its kind, in Bangkok earlier in the day. Duangkamol also projected that about 40-50 million baht should be changed hands during the 10-day fair, when local consumers can buy high quality Thai garment products, recognised by overseas markets, at reasonable prices. According to the senior official, Thai textile and garment exports should grow by 3 per cent next year despite greater competition among rival production countries. The senior official suggested that local manufacturers build their own brands to cope with the growing competition, as consumers are now more careful when doing their shoppings and take both quality and prices of products into consideration before buying. Exports of Thai textile and garment products during the first eight months of this year, meanwhile, stood at about 7.5 billion US dollars, up 3.61 per cent from the corresponding period last year, despite several impacts, including those from the increased daily minimum wage to 300 baht in Thailand and higher competition from major rival exporting economies. (TNA)