India and Vietnam’s textile and clothing exports will seize China’s share in the next ten years

The China Textile Chamber of Commerce stated at the Canton Fair that from January to September 2014, China’s textile and apparel trade reached 30.91 billion (US dollars, the same below), and China’s textile and apparel exports accounted for about 36% of global trade.
However, it is expected that India and Vietnam will seize China’s share in the next ten years, and China’s garment industry must accelerate its transformation.
Analysis by the China Textile Chamber of Commerce pointed out that the characteristics of China’s clothing and textile industry in 2014:
First, the internal and external environment has stabilized, and textile and clothing exports have grown steadily;
Second, exports to Europe, the United States, and ASEAN grew; exports to Japan continued to be sluggish; exports to the United States grew steadily, and clothing export volume and price rose; exports to ASEAN slowed down, and woven garments bucked the trend and grew rapidly;
Third, textiles and clothing have achieved simultaneous growth in exports, but the price of cotton products has dropped;
Fourth, textile imports declined, while clothing imports increased in volume and prices fell;
Fifth, cotton imports have dropped significantly, the price difference between domestic and foreign cotton has narrowed, and high cotton prices are difficult to support.
On the other hand, according to WTO data, in the past three years, the growth rate of Vietnam and India’s textile and apparel exports has been higher than the average growth rate of the world and China.
The Textile Chamber of Commerce said that it learned from exchanges with business associations and buyers from countries such as Vietnam and India during the Canton Fair that these countries want to take advantage of China’s industrial policy adjustments to seek more development opportunities and develop the textile and garment industry to solve their domestic employment problems.
Although China’s textile and apparel exports account for about 36% of global trade, India only accounts for 4%, and Vietnam only accounts for 2%, it is estimated that China will seize part of its share in the next ten years.
It is expected that India’s textile and apparel exports and domestic demand will reach 180 billion yuan in 2017, with direct employment increasing by 3 million people and indirect employment increasing by more than 4 million people. Vietnam and other ASEAN countries are seeking investment from the United States through the TPP (Trans-Pacific Partnership).
China Textile Chamber of Commerce estimates that China’s textile and apparel industry still ranks first in global competitiveness in the short and medium term, but requires companies to face fierce competition, base themselves on themselves, firmly transform and upgrade development strategies, develop independent brands, expand export base construction, and accelerate going global. process.