Wenggu, chairman of the Thai Industrial Institute Furniture Industry Group, predicts that furniture exports in the second quarter of this year will continue to decrease. The total value of furniture exports in the first quarter of this year was only 289.92 million US dollars, a year-on-year contraction of 30.04%. The reason is that there are still economic problems in Thailand's main export markets, causing local people to reduce unnecessary expenses. However, Weng Gu believes that the global economy will improve in the second half of the year with the arrival of the peak season. The total value of furniture exports for the whole year is still expected to reach 1.37 billion US dollars, an annual increase of 5%. Affected by global economic lending and the instability of domestic political situation, the value of furniture exports has been greatly reduced. However, Thai operators still hope to increase exports to foreign markets and actively explore new markets with high purchasing power and high demand, such as China, India, UAE and Russia, etc. Thai furniture is fashionable and of good quality, and can also use the Free Trade Agreement (FTA) signed by Thailand and foreign countries to increase exports of furniture to Australia, India and ASEAN countries. Weng Gu said that the furniture industry is currently facing the problem of rising and shortage of timber prices. For bakelite, if the price of raw rubber juice is at a high level, the rubber farmers will slow down the felling of gum trees, or export bakelite to foreign countries, resulting in the lack of bakelite in the country. At the same time, Thailand has not clearly defined the quality standards for bakelite, and the fierce competition in overseas markets, especially from China, Malaysia, Vietnam and Taiwan, has led importers to lack confidence in Thai goods. Private enterprises hope that the government can help find wood to make up for the shortage of wood in the country, such as importing from South Africa, Russia and Eastern European countries, and setting up a Thai bakelite house to deal with the bakelite problem of the whole system.
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