THAILAND: Textile and apparel exports drop 12.2% in 2012
Thailand's textile and garment exports slumped 12.2% year-on-year in 2012 due to a decline in demand from key markets.
According to the Thai Textile Institute (TTI) and the Thai Garment Manufacturers Association (TGMA), exports fell to $7.22bn. Within this, textiles accounted for $4.27bn, down 13.68% against the previous year, while garment exports dropped 9.95% to $2.949bn.
Economic turmoil in global markets was blamed for declines to the US at $1.2bn (-14.08%), the EU at $1.09bn (-24.27%), Japan at $698.1m (-4.81%) and China at $388.5m (-15.5%).
During the year, the industry spent $3.99bn on importing materials for local production - a reduction of 2.81% compared with 2011. Of this, yarn and fibre imports fell 7.1% to $2.15bn but fabric rose 2.74% to $1.83bn.
Although exports suffered negative growth, imports of textile machinery surged 30.58% during the year to $442.8m.
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