Apparel / Textiles & Accessories

The latest outlook report of the textile and garment industry predicts that due to the pressure on consumer spending caused by the deterioration of the macroeconomic situation and the continued inflation of the main international trade export market of the United States, the international trade export of Vietnam's textile and garment industry is expected to shrink in the first half of 2023.

The latest outlook report of the textile and garment industry predicts that due to the deterioration of the macroeconomic situation, which has put pressure on consumer spending, and the continued inflation of the main export market in the United States, the international trade exports of Vietnam's textile and garment industry are expected to shrink in the first half of 2023. Previous data showed that the retail sales of clothing and footwear in the United States took 8-10 months to gradually return to normal after inflation reached its peak. At the same time, the congestion of shipping orders recovered faster than expected, and the volume of new orders was not adjusted in time, resulting in the import volume of American clothing and footwear international trade rising to a record high in August, putting pressure on destocking in the fourth quarter of 2022 and even in the first half of 2023.

Since October 2022, the retail sales of clothing and footwear in Vietnam's main international trade export markets have seen a negative growth, indicating that the country's textile and clothing enterprises will face new challenges.