Picture courtesy of tawatchai07, Freepik. A recent downturn in exports has prompted 25 industry sectors in Thailand to reassess their production strategies. Key affected industries include steel, machinery, construction materials, and furniture, which all cater significantly to markets in Asia, the European Union, and the United States. A survey conducted by the Federation of Thai Industries revealed that a third of total exports were dispatched to Asian markets outside of the ASEAN region. The decline in production capacity is linked to reduced demand for overseas goods and the potential threat of a global recession in 2023. The FTI recommends expanding into new markets such as the Gulf Cooperation Council and South Asia to boost exports.
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