InfoQuest, (May 17, 2019) -- According to Ms. Banjongjit Angsu-Singh, Director-General of the Department of International Trade Promotion, a garment trade delegation, organized by the Department of International Trade Promotion and the Thai Garment Manufacturers Association, is due to visit South Korea from June 10 to 14. This activity is aimed to respond to the "Cluster" program, an effort to propel all-round development and product promotion. The program is launched to connect Thai textile and garment industries to global supply chain, adapt enterprises that have technological and design prowess and self-owned brands to the Thailand 4.0 and the Creative Thailand, and help Thai OEM enterprises develop into those with independent design and self-owned brands.
South Korea is the seventh largest market for Thai exporters of garments and fabrics, with total exports around 120 million U.S. dollars. Notably, the value of South Korea's garment market is estimated at over 40 billion U.S. dollars. Those demonstrate that South Korea is huge potential market in this regard. In particular, Thai companies engaged in the production of sports wear and summer collection will see an opportunity to expand their market shares in South Korea. Twenty-two companies have by now applied for joining the delegation.
South Korea is among the major producers and exporters of textiles and garments in the world. In 2018, the total imports of South Korea reached 3,631 million U.S. dollars with the growth of 16.23 percent, making this country the 20th largest garment importer worldwide. The import of garments from Thailand took up 1.43 percent of the total garment imports in South Korea, increasing 6.7 percent year on year, which shows that for Thai companies, there is an opportunity to expand their market shares in South Korea. Majority of enterprises in this sector are trading firms that can distribute products around the world. For this time, the delegation will provide Thai enterprises with an opportunity to expand business, look for sales agents, meet with target clients and seek for more market shares, and at the same time, promote the effective implementation of the ASEAN-Republic of Korea Free Trade Agreement.
The cooperation with private sector for facilitating exports to the South Korean market will help Thai garment enterprises achieve their goals of exports to South Korea, and offer them an opportunity to study consumer behavior and develop products that are in keeping with market requirements, noted Ms. Banjongjit Angsu-Singh.
Source: InfoQuest, by Panu / Tanawat / Rachada, translated by Xinhua Silk Road
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