Due to lower prices after appreciation in baht, Thai imports recorded significant boom during first five months of this financial year. Luxury items like cosmetics, perfumes, apparels, shoes and others worth over US $4.47 billion, gushed into the domestic markets, attracting fashion frenzy locals.
Foreign Trade Department statistics show that luxury product imports grew rapidly in the initial months of this year. While year-on-year rise in January stood at 11.45 percent, it surged to 18.57 percent in May.
Escalation in baht has had a major impact on domestic traders and manufacturers of apparel and shoes, slowing down country's exports.
However, Thailand exports have shown an extra earning of $5.32 billion during the period.
The Department of Commerce is in process of initiating a campaign to endorse usage of Thailand-made products. This launch will persuade state associations to procure locally made products, a replacement for imports.
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