Vietnam’s textile and apparel exports face difficulties in the first half

“Vietnam Economic News” reported on November 25 that the latest textile and apparel industry outlook report predicts that due to the deterioration of the macroeconomic situation, which will put pressure on consumer spending, coupled with the United States, a major The export market continues to be inflationary, and Vietnam’s textile and garment industry exports are expected to shrink in the first half of 2023. Past data shows that it takes 8-10 months for U.S. clothing and footwear retail sales to gradually return to normal after inflation reaches its peak. At the same time, shipping order congestion has recovered faster than expected, and new orders have not been adjusted in time. As a result, U.S. clothing and footwear imports increased to a record high in August, putting pressure on destocking in the fourth quarter of 2022 and even the first half of 2023. Since October 2022, the retail sales of clothing and footwear in Vietnam’s main export market have experienced negative growth, indicating that the country’s textile and clothing companies will face new challenges.