Bangkok (Thailand), December 19 (HBTV): Experts have warned that the influx of cheap, low-quality Chinese products is negatively impacting local businesses across Southeast Asia, with Thailand seeking ways to address the growing presence of these low-priced goods in its market, as reported by the Voice of America.

Trade between Thailand and China exceeded USD 126 billion last year, with Chinese investment playing a significant role in Thailand’s economy. However, the country's manufacturing sector has been struggling, with 2,000 factories shutting down in 2023, leading to the loss of thousands of jobs, according to the Department of Industrial Works. Local business owners have long complained that cheap Chinese products are hurting Thai businesses.

Bobae Shopping Mall, a retail and wholesale market in Bangkok, is one of the places feeling the effects. Despite the peak shopping season and Christmas around the corner, many of the mall’s seven floors of shopping units remain shuttered.

Banchob Pianphanitporn, the owner of Ben's Socks on the fifth floor of Bobae Mall, stated that his sales have been negatively affected by the increase in Chinese imports. He explained, "I would say sales are 50 per cent down since 10 years ago. I sell socks for 150 baht (USD 4.38) per dozen, but if this was a Chinese product, they would sell at 85 baht (USD 2.48). If customers have a low budget, they will say my socks are expensive. They don't consider the materials, my socks are much better material and more flexible."

Another vendor, Pam, shared that Chinese imports have significantly affected his sales. "Chinese products are selling a lot, but we don't have that much stock. The government still allows the products from overseas. Our sales have dropped down a little bit."

The struggling manufacturing sector has contributed to Thailand's weak economic performance this year. Projections for 2024 suggest the country’s economy will grow by only 2.3 to 2.8 per cent, a rate lower than that of its regional neighbours.

(ANI)