Monday, September 28, 2020

Officials confident on 1% growth target for fashion, jewellery exports

Jul 26. 2019
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By Silapakorn Sangsinchai
The Nation

The Department of International Trade Promotion (DITP) is pushing for exports of fashion items and jewellery to achieve a 1 per cent growth target by the end of the year.

Director general Banjongjit Angsusing said the trade dispute between the US and China may present a good opportunity for Thailand, especially in fashion exports.

“As the US is raising import taxes on goods from China in many product groups, including gems and jewellery, it will push US entrepreneurs to seek alternative sources of raw materials, and Thailand will be among the most desirable candidates,” she said. “However, this tax wall may cause China’s jewellery industry to decelerate, resulting in shrinking orders of semi-raw materials such as coloured gemstones from Thailand.”

As for a long-term strategy, Thai manufacturers must develop new products for emerging niche markets worldwide and avoid relying on few major buyers alone. “To penetrate new markets we need unique products that distinguish our brands from others. We may add new features or combine with modern technologies such as smartphones, pulse monitors or pedometers to add more value to existing products,” she said.

The department has set a target for exports of fashion items, gems and jewellery products at 1 per cent growth, and is confident to achieve it before year’s end. This would be thanks to the aggressive activities to find new markets and trade partners, such as taking Thai entrepreneurs to visit potential buyers overseas, and inviting foreign importers to trade fairs in Thailand, Banjongjit said.

On September 10-14, the department will stage the 64th Bangkok Gems & Jewellery Fair, which is expected to be joined by domestic and foreign traders as well as e-commerce operators worldwide. The event will be held at Challenger Hall 1-3, Impact Maungthong Thani.

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