In the first three-quarters of 2012, garment exports from Thailand slumped 11.7% in comparison with same period last year to $2.246bn.

The fall was largely due to negative growth in the two main markets, the US and EU, according to the Thai Garment Manufacturers Association (TGMA).

While the US remains the largest export market, accounting for 34.25% of total Thai garment shipments, values declined 13.9% on-year to $769.4m.

Exports to the EU fell 23.6% to $596.4m due to slowing exports to major markets such as Germany, the UK, France and Spain.

Within the EU region, Germany is the largest market at $101.8m (down 25.4% year-on-year); followed by Belgium at $98.5m (up 1.21%), the UK at $82.8m (down 37.7%), France at  $81.2m (down 29.7%), and Spain at $73.3m (down 39.2%).

Thai exports to some major countries in Asia saw growth, including Japan at $279.6m, a rise of 12.3%, and China (including Hong Kong) up 6% to $72.9m.