Currently, with the transfer of the industrial chain, Southeast Asia has become an important textile foundry base around the world, there are more and more textile enterprises and Southeast Asia to generate business contacts. But as the world situation changes, the Southeast Asian countries also recent events, the pattern of the Southeast Asian textile industry may be reshuffled.
Indonesia: want to impose high tariffs
June 28, Indonesia's Trade Minister Zulkifli Hassan told the media that plans to impose 100% to 200% safeguard tariffs on certain imports, especially in the field of footwear, clothing, textiles, cosmetics and ceramics.
Vietnam: exports hit record high in July
In July this year, Vietnam's textile and apparel exports generated 12.4% year-on-year growth to $4.29 billion - the industry's first month this year with exports exceeding $4 billion and the highest since August 2022, the General Statistics Office (GSO) said. From January to July this year, fiber and yarn exports rose 3.5 percent year-on-year to $2.53 billion, while fabric exports also rose 18 percent year-on-year to $458 million. Vietnam now sells textiles and garments to 113 countries and territories, with the main markets being the US, the EU, Japan, the Republic of Korea and China, and the year's export turnover is targeted at $44 billion.
Bangladesh: riots break out
Nationwide protests took place in Bangladesh on August 4, a fiasco that led to the resignation of former Prime Minister Sheikh Hasina and a change of government, and also hit the country's economic activity represented by the garment and textile industry. Many factories in Bangladesh, a key component of the global apparel supply chain, were left in a state of “extreme instability” following the unrest.
Southeast Asia textile industry or reshuffle
Southeast Asian countries in recent years the development of the textile industry is the opportunity of China's textile industry transfer. Southeast Asia has a rich labor force and relatively stable political situation, and therefore able to undertake the transfer out of China's orders, and China is also because of industrial transformation and upgrading needs to promote the transfer of the garment manufacturing industry. The textile industry, as the export pillar industry of most countries in Southeast Asia, will obviously be affected. As things continue to develop, the textile industry in Southeast Asia may complete a reshuffle in the coming years!
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