American Importers Give Up China'S Imports And Turn To Vietnam

Christmas is coming, but the financial turmoil has not stopped. The US economy continues to slump, consumers cut spending, and consumer goods at any level are at risk of being slow-moving. The performance of retail stores nationwide is a bleak one.

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According to the pulse report of consumption, the sales of clothing stores in the United States decreased by 12.2% in October compared with that in the United States, 18.2% in women's clothing sales, 8.3% in men's clothing sales and 9.7% in shoes sales.

Over the past 10 years, US consumer spending has been one of the most reliable drivers of global economic growth, so when the American consumers pack up, the whole world will feel the impact.

Since this year, the financial turmoil caused by the United States subprime crisis has intensified, and the global economic situation has shown a downward trend. From Asia to Latin America, all countries' export trade has begun to slow down and halt.

Since the outbreak of the subprime mortgage crisis, consumer demand in the United States has been plunged into a slack. With the appreciation of the renminbi and the cancellation of quota in Europe, the import and export of textiles and clothing from the United States for the first time in the first quarter of this year has been negative for the first time since its accession to the WTO, and its decline is more than that of the US.

The outbreak of the financial crisis has brought a heavy blow to Chinese export enterprises. The export of clothing to the United States has accelerated its decline. According to the statistics of the US Department of Commerce and textiles, the United States imported 17 billion 140 million square meters of clothing from the world in 1-9 this year, down 3.26% from the same period last year, of which 5 billion 792 million meters from China, 5.1% less than the same period last year, accounting for 33.79% of the total global imports.

Because of the rising production costs and the upgrading of product structure, many categories of clothing products imported from the United States have risen in price. Among them, the price increase of restricted category items is relatively large, and the low cost advantage has reduced the share of Chinese clothing in the US market slightly.

It is clear that the import of garments from China has fallen into recession this year, with a larger decline in the category of quotas, but other non restricted categories still have a high share of the clothing import market in the United States. China is still the largest supplier of clothing in the United States.

Since Vietnam's imports surged, some American importers have abandoned their imports from China, and many garment orders have been pferred to new textile industrial areas such as India and Vietnam. Since Vietnam joined WTO in January 11th, the United States lifted the textile quota restrictions in mid January, and Vietnam's textile exports to the United States began to grow rapidly.

According to the US Department of Commerce, Vietnam exported 1 billion 143 million square meters of clothing to the United States in the first three quarters of this year, up 22.75% from the same period last year, accounting for 6.67% of the total. It has grown to the second largest supplier of clothing to the United States.

Due to inflation, production costs have soared and clothing prices have been affected. In March this year, the growth rate of imports of clothing from Vietnam has slowed down. According to the information provided by the Statistics Bureau of Vietnam, the export volume of clothing to the US increased by 31% in the first quarter, while the second quarter dropped to 21%.

Although Vietnam's exports to the US have slowed down in the first three quarters, it is still relatively strong compared with the recession in other countries, and its export growth ranks first among the main suppliers.