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Vietnam's apparel exports to the US soared in 2014

Apparel imports from Vietnam to the US increased fastest compared to its counterparts in 2014, reveals data released by the Commerce Department’s Office of Textiles and Apparel (OTEXA). For the entire year, the country gained the greatest share of US apparel imports, owing to currency fluctuations in China, which saw its dollar share of US apparel imports fall from over 37 percent in 2013 to 36 percent in 2014.

The value of total apparel imports increased 2.5 per cent in 2014 to $81.8 billion. Total unit volume, measured on a sq. mt. equivalent (SME) basis, increased by 3.3 percent, driving down the average cost per SME by 0.7 percent. Rise in apparel exports from Vietnam was clearly led by China’s loss last year due to rapidly rising labour costs that made many US apparel brands move sourcing requirements to lower cost countries.

China suffered the biggest share loss so far in 2014, dropping from 37.3 percent to 36.4 percent of total US apparel imports. Total apparel imports from China were $29.8 billion in 2014. Imports from China fell marginally in December to $2 billion from $2.1 billion in December 2013. November units from China (on an SME basis) were up slightly, to 773 SME, and rose 4 percent in the full-year period, to 10.8 billion.

Vietnam’s share of total US apparel imports grew from 10.1 percent of the total in 2013 to 11.3 percent in 2014, a 1.2 percentage point gain. Between 2012 and 2013, the country gained only .9 percentage points of share, and the year before that, .7 percentage points. In 2014, U.S. apparel imports from Vietnam totaled a record $9.2 billion, up 14 percent from 2013 and SMEs from Vietnam rose by 13.2 percent.

 

Otexa.ita.doc.gov

 
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