Masks face market glut: price plunges by 50%
Face masks have now swamped the market, dragging down the price by 50 per cent from Bt20 a unit to Bt10.
Thai Garment Manufacturers Association president Yuttana Silpsarnvitch said that with garment entrepreneurs jumping in to produce fabric face masks, there will now be an oversupply in May as there is no new demand since masks are washable.
Garment exports have dwindled and might witness minus growth compared to previous years when exports expanded by 3-5 per cent a year.
Market share is expected to see a 50 per cent drop in the US, Europe and Japan. In the first three months, garment exports dropped -5.7 per cent, totalling Bt15.51 billion, he said.
These businesses will find it hard to continue operations, so the government has been asked to help, he added.