Vietnam replaces Bangladesh as the world’s second largest textile and apparel exporter
According to a report by “Vietnam+” on August 3, the fashionunited.de news network reported on August 2, citing the 2021 version of world trade statistics released by the World Trade Organization, that Vietnam has surpassed Bangladesh. The country has become the world’s second largest exporter of textiles and apparel.
Vietnam News Agency’s reporter in Germany reported that Vietnam’s textile and clothing exports reached US$29 billion in 2020, a year-on-year increase of 6.4%. Over the past decade, Vietnam’s share of textile and apparel exports in the world has continued to increase. In contrast, in Bangladesh, textiles and apparel declined year-on-year in 2020, from 6.8% to 6.3%. This means that Vietnam has surpassed Bangladesh and become the world’s second largest exporter of textiles and clothing after China.
Affected by the COVID-19 epidemic, many Western importers have canceled contracts or delayed payments, resulting in the closure of many textile and clothing production plants in Bangladesh and a sharp decline in output.
Vietnam and the EU signed a free trade agreement in 2019, which will help promote Vietnam’s exports to the EU. When currency markets fall, Vietnam’s currency moves little against the U.S. dollar. The socio-political life in Vietnam is more stable than in countries such as Bangladesh and India, and people have better educational and medical infrastructure conditions. In addition, due to its proximity to China, Vietnam has an advantage in finding supplies of raw materials and production machinery.
AAA functional fabric network SVSGHRUTO
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