Vietnam makes headway into US clothing market
Although the growth of clothing exports to the US is not high, the upward trend is encouraging, say many leading market analysts, who optimistically think consignments from Vietnam to the US could jump overall 10% for the whole of 2016.
Achieving 10% growth is still possible, says Vo Tran Thi Huyen, plant manager at Tex-Giang JSC, as work orders are coming in bulk and for higher value-added apparel items this year.
However, the bulk of the growth in the ratio of US imports from Vietnam as a percentage of total imports will come in large part by way of a reduction of the ratio of imports into the US market from China.
Year-to-date through July, worldwide imports of clothing into the US have actually shrunk by 4.98% to US$60.23 billion from US$63.39 billion for the corresponding seven-month period in 2015.
Of the top 10 markets that the US imports garments from, only Vietnam and Bangladesh showed growth in import consignments of 1.83% and 1.12%, respectively, for the period.
Markets showing a year-on-year drop in imports into the US market for the seven-month period included China down 8.49% to US$21.39 billion, India minis 0.97% to US$4.39 billion and Pakistan lower by 10.67% to US$1.59 billion.
Spending by US consumers declined slightly in July, while department store sales also fell from a year ago, according to Business Insider. US companies blamed a variety of temporary factors such as delayed inventory shipments, bad weather, and fewer international tourists for the slowdown.
However, Business Insider reports that Americans are increasingly spending less on clothes and home furnishings, a trend that could hurt the Vietnam clothing exporters in years to come.
While lower gas prices mean US consumers theoretically have more disposable income, the US Department of Commerce recently reported that retail sales were flat as shoppers have other priorities.
A recent report by Morgan Stanley shows that millennials are spending more on expenses like rent, mobile phones, and personal services than young people a decade ago. This leaves less money for buying clothes, said Business Insider.
Related News
Vietnam ready to export first batch of sweet potatoes to China
13:57 | 06/04/2023 Anti-Smuggling
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Latest News
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export
More News
HCM City’s industrial production index down 0.9% in Q1
14:47 | 04/04/2023 Import-Export
Fisheries exports estimated at 1.85 billion USD in Q1
14:45 | 04/04/2023 Import-Export
Quang Ninh aims to attract quality FDI inflows
14:43 | 04/04/2023 Import-Export
Exports face many difficulties
13:29 | 04/04/2023 Import-Export
Manufacturing enterprises increase their competitiveness thanks to digital transformation
13:28 | 04/04/2023 Import-Export
32nd Việt Nam Expo promises to boost business linkages
14:19 | 03/04/2023 Import-Export
Prevention of price risks before news that Indonesia increases rice imports in reserve
09:52 | 03/04/2023 Import-Export
Japanese investors highly appreciate Vietnamese property market
17:41 | 02/04/2023 Import-Export
Seafood enterprises propose to remove obstacles from exporting to the EU
10:34 | 02/04/2023 Import-Export
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export