Vietnam'S Textile And Garment Exports Are Expected To Shrink In The First Half Of 2023

Vietnam Economic Daily reported on November 25 that the latest outlook report on the textile and garment industry predicted that the export of Vietnam's textile and garment industry would shrink in the first half of 2023 due to the pressure on consumer spending caused by the deterioration of macroeconomic situation and the continued inflation in the main export market of the United States. Previous data show that retail sales of clothing and footwear in the United States will take 8-10 months to gradually return to normal after inflation peaked. At the same time, the congestion of shipping orders recovered faster than expected, and the number of new orders was not adjusted in time, which led to a record high import volume of clothing and footwear in the United States in August, which put pressure on de stocking 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 markets have shown negative growth, which indicates that the textile and garment enterprises in Vietnam will face new challenges.