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Country set to move to 2nd place in apparel exports to US
27
Nov '08
The Vietnamese garment industry is making rapid strides and is expected to jump 2 places in the pecking order to emerge as the second biggest clothing exporter to the US, behind China. This was revealed by the American Chamber of Commerce which went on add that shipments from the Vietnamese apparel industry will increase by more than 8 percent in the current year.

In the process of jumping to the second place, Vietnam is expected to pip Mexico and India, who stood second and third respectively in the previous year. According to the chamber, exports of clothing were expected to exceed US $5 billion compared to $4.6 billion last year.

Shipments from the sector to the US account for more than the combined exports to two other key markets of EU and Japan and represents 42 percent of all Vietnamese exports to the US. Giving out statistical information on the garment trade with other countries, the chamber said, imports of clothing by the US from China, Mexico, India and Indonesia was down by 0.24, 11, 0.93 and 1.16 percent respectively in the first nine months of 2008.

The only other country to record a good growth rate apart from Vietnam was Bangladesh which witnessed a growth of 8.4 percent in the same period. Consumer spending had fallen drastically in October, the lowest in 35 years and this could lead to a massive drop in shipments of clothing in to the US in the next few months, added the chamber.

Fibre2fashion News Desk - Vietnam


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