Thai industries adjust strategies amid export downturn, eyes new markets

[webfact]

 

A recent downturn in exports has provoked 25 industry sectors to rethink their production strategies, the Federation of Thai Industries (FTI) has revealed. Key industries affected and readjusting include steel, machinery, construction materials and furniture, all of which significantly cater to the markets in Asia, the European Union and the United States.

 

The FTI recently unveiled the results of a survey involving 201 company executives and FTI members. The findings showed that of total exports, more than a third (36.2%) were dispatched to Asian markets outside of ASEAN. This was followed by ASEAN (27.6%), the EU (12.4%), and the US (11.4%). Kriengkrai Thiennukul, the FTI Chairman, said…

 

“The companies are shifting gears in response; some are limiting production while others are reducing work shifts and overtime.”

This strategic shift is linked to a decline in production capacity across these 25 sectors, prompted by reduced demand for overseas goods.

 

by Alex Morgan

Aerial view of cargo ship and cargo container in harbor.
Picture courtesy of tawatchai07, Freepik

 

#news

Full story: https://thethaiger.com/news/business/thai-industries-adjust-strategies-amid-export-downturn-eyes-new-markets

 

-- © Copyright Thaiger 2023-07-03

 

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[hotchilli]

4 hours ago, webfact said:

A recent downturn in exports has provoked 25 industry sectors to rethink their production strategies, the Federation of Thai Industries (FTI) has revealed

Is this not a normal practice?

[RichardColeman]

Thai industries adjust strategies amid export downturn, eyes new markets

 

 

Dear TAT, stop looking at every thing with rose tinted glasses and take a leaf at what exports are telling you - the world is grinding to a slower pace - and if exports fail, less people will come as less people are buying your exports ! People are running out of money