Vietnam still prefers China to import textile raw materials

by:JIYALI     2021-08-18
In the first quarter of 2008, my country's ready-made clothing accounted for 26.69% of the United States, and Vietnam's ready-made clothing accounted for 6.99% of the United States, ranking second. The industry is worried that the current financial crisis in Vietnam and the depreciation of the Vietnamese dong will affect China's textile exports. Industry experts believe that from the comparison of global textile trade competitiveness, the impact of the Vietnam crisis on China's textile exports is partial and relatively limited. Vietnam's textile industry is highly dependent on imports of textile raw materials and grey fabrics, and China is the main source of imports for these basic products. For example, in 2007, the Vietnamese textile industry consumed about 1.6 billion square meters of woven fabrics, of which about 850 million square meters were imported from China, accounting for 53%. The proportion of imported knitted fabrics from China is also not low. As part of the demand is necessary for Vietnam's garment production and export, and there are no lower-cost import substitutes, the devaluation of the Vietnamese dong will have a relatively limited overall impact on its textile imports, driven by rigid demand.
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