Thailand Leather Products Suffer Inflation
In 2008, Thailand's leather products were facing the slowdown of world economy and the rising of inflation rate.
In the first half of 2008, the leather products of Thailand experienced a slowdown in the growth of almost all kinds of leather products in the country, including the decline in the output of leather products, and the decline in imports and exports. Especially the major export markets including the United States, the European Union and Japan, and the countries all over the world, were facing the problem of economic recession, thus striking the Thailand leather industry, which mainly relied on export markets.
In addition, leather manufacturers are also faced with the problem of labor cost and raw material price rise. With the appreciation of the Thai baht over last year, the price of leather products in Thailand is higher than that of competitors, resulting in a decrease in the export revenue calculated by the Thai baht.
As for the trend of leather products in Thailand in the second half of 2008, it is expected to continue to decline on the basis of the first half of the year, because the forecast of the US, European Union and Japanese economy will decline compared with the same period last year, and the rise of world energy and commodity prices will definitely affect the consumer confidence of all countries in the world, which will lead to a downward trend in the export of Thailand leather products.
Because of the drop in demand at home and abroad, there is a trend that the growth rate of leather products industry in the second half of 2008 will be lower than that of last year.
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