Vietnam'S Clothing Exports To The United States Are Second Only To China
In Asia, Vietnam is a small country, but its clothing exports to the United States have surpassed India, ranking second only to China. In May this year, Vietnam exported $4.76 billion of clothing to the United States, compared with $3.14 billion from India.
According to the data released by the US Department of Commerce, by the end of May, the US had imported US $73 billion that year, with Vietnam accounting for 6.55% of the total, while China was still the largest exporter in the US market, with a market share of 30.6%.
D K Nair, Director General of the Indian Textile Industry Alliance, said that Vietnam's competition is very fierce. In May, Vietnam's clothing exports to the U.S. market grew unprecedentedly, reaching 36.39%, while India's exports showed a negative growth of 0.72%.
Vietnam's growth lies in its cost competitive advantage over India. Last year, Indian exporters were hit hard by the appreciation of the rupee.
However, the rupee has begun to depreciate, and the situation may improve this year.
Industry insiders said that many Chinese enterprises moved their production bases to Vietnam in order to benefit from Vietnam's lower production costs, which is also the reason for Vietnam's clothing export growth.
Bangladesh's clothing exports to the United States were 3.18 billion dollars, accounting for 4.37% of the United States market.
Data collected by the US Department of Commerce shows that Mexico and Indonesia rank ahead of India, and India's clothing exports to the US rank sixth.
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