Lifestyle products rebound

Thai lifestyle products are tipped for a silver lining this year after their performance in the first half fared better than expected, boosted mainly by economic recovery in the US, a key destination.

Jirabool Vittayasing, secretary-general of the Thai Lifestyle Products Federation, said the industry body expects shipments to grow by 6% this year to US$3.16 billion, up from an earlier forecast of 3%.

Last year, shipments of lifestyle products covering stationery, home textiles, furniture and toys were worth $2.98 billion.

In the first six months of this year, exports increased by 6% year-on-year to $1.1 billion, with the growth rate expected to be maintained until yearend.

The US market is expanding as the world’s largest economy starts to recover and the baht weakens.

‘‘The US remains a major export market for Thai lifestyle products, as its economy has shown clear signs of recovery this year,’’ said Mr Jirabool.

Thai lifestyle product exports to the US contracted by 5.7% to $686 million last year and by 11% in 2011.

The US accounts for 24.5% of Thailand’s exports of lifestyle products.

Australia and New Zealand were also found to have robust growth and are among Thailand’s top 10 markets.

‘‘Lifestyle products have been in trouble for years, with the growth rate slipping to only 2% in 2011 when Thailand was struck by the devastating flood,’’ Mr Jirabool said.

‘‘It remains fortunate that Thai products have still managed to stay in the positive range thanks to their high quality.’’