BANGKOK, 15 March 2012 The Department of International Trade Promotion (DITP) has revealed that furniture exports in 2012 are expected to shrink by 15% year-on-year as a result of the flood devastation last year.
DITP Director-General Nantawan Sakuntanak presided over the opening ceremony of the Thailand International Furniture Fair (TIFF) 2012. She said that the Commerce Ministry expects the furniture export value this year at 980 million baht, a 15% decrease from 1.16 billion baht last year.
Ms Nantawan said that the impacts from the flood can still be felt this year. She explained that raw materials for furniture, particularly wood, are still in shortage. The expected shrinkage is also due to an uncertain global economy and competitions from China, Malaysia, and Vietnam.
The DITP will adjust its export strategies by encouraging furniture makers to look for wood from abroad which is cheaper. It has also been suggesting entrepreneurs to penetrate new markets with growth potentials such as Russia, India, the United Arab Emirates, Saudi Arabia, and South Korea.
The DITP expects 24,000 visitors, both Thai and foreign, to visit the TIFF 2012. The fair is anticipated to generate more than 733 million baht in income. The TIFF 2012 is held at BITEC from March 14-18.
(NNT : Nuttaporn Chanchokpong)