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With $10.25 billion in sales, China is still the largest clothing exporter in the United States! What about Vietnam and other countries?

With $10.25 billion in sales, China is still the largest clothing exporter in the United States! What about Vietnam and other countries?

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  • Time of issue:2022-09-02
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(Summary description)

With $10.25 billion in sales, China is still the largest clothing exporter in the United States! What about Vietnam and other countries?

(Summary description)

  • Categories:News
  • Author:
  • Origin:
  • Time of issue:2022-09-02
  • Views:0
Information

The world's largest importer of textiles and clothing, the United States has nearly 80% of its textiles and clothing imported from abroad, and its main importing countries are China, Vietnam, Bangladesh and other countries. The latest data shows that the amount of US clothing imports in the first six months of 2022 has achieved an annual surge of 40.14%, reaching 49.58 billion US dollars.

In the first half of this year, three major Asian countries, including China, Vietnam and Bangladesh, exported a total of 32.82 billion US dollars of clothing to the United States, accounting for 66.2% of the United States' imports.

For a long time, China's main exporters of textiles and clothing have been the United States, the European Union and Japan, of which the United States is the largest exporter, and the annual export value to the United States in 2021 will reach 56.35 billion US dollars. Chinese textiles and apparel have a strong competitive advantage in the US market. In the first half of this year, the amount of Chinese apparel exported to the United States reached 10.25 billion US dollars, and it is still the largest exporter of the United States.
In the trade between Vietnam and the United States, the textile and garment industry occupies a certain important position, and the United States has always been Vietnam's largest export market. In recent years, the clothing industry has accounted for about 50% of Vietnam's total exports to the United States. In the first half of this year, Vietnam's clothing exports to the United States reached 9.19 billion US dollars, an annual increase of 35%.

And the world's second-largest garment industry exporter after China, Bangladesh's garment industry accounts for more than 10% of the country's overall GDP. Mainly exported to the United States, but the country has gradually entered a recession after growing more than 30% in clothing exports to the United States in 2021. It is reported that clothing exports account for more than 80% of the country's total exports. Therefore, the reduction of clothing orders is undoubtedly a great blow to Bangladesh's economy.

Similarly, Bangladesh's clothing orders in Europe and the United States have plummeted due to soaring domestic inflation, shrinking foreign exchange reserves, and soaring trade deficits. Earlier, some experts predicted that Bangladesh's clothing export growth this year may drop to about 15%. Facts have proved that Bangladesh's clothing exports to the United States this year are only 5.02 billion US dollars, which is overtaken by Vietnam.

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