Textile and garment exports from Vietnam dropped by 17% in the first quarter of 2023, reaching $7.1 billion. This is the deepest decline in the first quarter since 2009

The drop is due to the impact of global inflation on consumer spending on non-essential products, causing a sharp drop in textile and garment exports to major markets such as the U.S. and EU.

Moreover, the domestic textile and garment industry is expected to see further declines in export growth this year due to shrinking export orders and factories operating at below capacity. The conflict between Russia and Ukraine, pandemic, financial market instability, and a banking crisis have also affected demand.

In response to this downturn, textile and garment enterprises in Vietnam need to diversify markets, products and brands produced in Vietnam, use green and recycled products, and have infrastructure investment plans and in-depth strategies to meet the requirements of foreign markets.

Moreover, they need to build connection channels to grasp the challenges and opportunities of the global textile industry, digital technology trends and new policies.

Cambodia's international trade during the first quarter of 2023 has seen a decline of 14.5% to $11.25 billion, according to a report by the General Department of Customs and Excise.

The report highlighted that the country's total export, valued at $5.39 billion, fell 5.7% YoY, while the total import, registered at $5.86 billion, dropped 21.3%.

Cambodia's garment, footwear, and travel goods industry, the largest foreign exchange earner for the country, recorded a 22% YoY decrease in exports, falling from $3.12 billion in Q1 2022 to $2.42 billion this year.

This sector employs about 750,000 workers, mostly female, across 1,100 factories and branches. The government expressed its concern about the global economic situation, particularly in the US and Europe, adding that declining income in those countries is affecting purchase orders, causing a ripple effect on the global economy through inflation.

The global market for cashmere clothing is expected to experience a steady growth rate of 4.2% CAGR during the forecast period, rising from a value of USD 3.20 billion in 2022 to USD 3.33 billion in 2023, before reaching USD 4.44 billion in 2030, according to a report by Fortune Business Insights.

The women's demographic has the highest market share due to the variety of designs and garment choices available to them. Offline distribution channels hold the larger market share as luxury clothing consumers prefer to inspect the product’s quality and authenticity before purchase.

The COVID-19 pandemic caused a steep decline in market growth due to the shift in consumer demand from luxury products to essential commodities.

The European region has the largest market share, followed by North America. The production of cashmere yarns is expensive, and the supply of raw materials is limited, which can impede market development.

The United States witnessed a significant decline in textile and apparel imports in February 2023, reaching a new low since June 2020. The import volume of textiles and apparel stood at 5.78 billion square meters, representing a 28.3% decline year-on-year and a 15.3% decline month-on-month. The import value amounted to $7.99 billion, reflecting a 20.1% YoY and 16.8% MoM decrease.

The decrease in imports can be attributed to the high inflation and living costs that have limited people's spending on non-essential consumer goods such as clothing. Furthermore, the stocks of U.S. textile and apparel companies were already high, resulting in lower imports of these products.

China's share of U.S. apparel imports has been decreasing and was below 40% since November 2021. In February, the total amount of textile and apparel imported from China was 1.98 billion square meters, reflecting a 31% YoY decline, and a value of $1.71 billion, down 33.2% YoY.

The imports of apparel from China stood at 560 million square meters, indicating a 41.2% YoY decrease, with a value of $1.09 billion, reflecting a 35.4% YoY decline.

USA's major container ports are expected to see a steady increase in import cargo volume this summer. However, it will remain below the record-setting levels seen during most of the pandemic, according to the Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates.

The report projected that the number of Twenty-Foot Equivalent Units (TEU) handled by U.S. ports would be 1.86 million TEU in April, down 18% from last year. May is expected to see 1.91 million TEU, down 20.1%; June at 1.99 million TEU, down 11.8%; July at 2.1 million TEU, down 3.9%, and August at 2.13 million TEU, down 5.9%. The first half of 2023 is forecasted to be 10.8 million TEU, down 20.2% from the first half of 2022.

Although the decline in import volume is significant year over year, it is skewed by unusually high volumes last year. The pandemic led to a 20-month streak of totals above 2 million TEU that began in 2021, including an all-time monthly record of 2.4 million TEU in May 2022, which ended only last November. In comparison, imports averaged 1.8 million TEU per month during pre-pandemic 2019.

The report suggested that the decline in import volume was partly due to carriers increasingly dropping service to Los Angeles-area ports and stretching voyages to include other ports of call to help absorb excess capacity. However, the report also stated that new ships are starting to show up, and more have been ordered, indicating that carriers expect demand to improve by the time the new vessels are delivered.

Japanese global apparel retailer Uniqlo has introduced LifeWear for Her, a new line of innerwear designed for women of all ages, sizes, and lifestyles. The collection is created to grow with women as they go through life's milestones, from their first bra fitting to selecting practical wear for school to buying maternity support pieces.

The LifeWear for Her collection includes AIRism Body Shaper Non-Lined Half Shorts (Smooth), which shape the waist and come in both smooth and support versions. The support version utilizes various knitting techniques for additional tummy control and to give the thighs a sleek silhouette.

The lineup includes Wireless Bras (3D Hold), which are now available in more cup sizes for an improved fit, and the Wireless Bra (Relax) (Plunging Lace), which has a relaxed and unrestrictive fit for a natural outline. The AIRism Ultra Seamless Shorts (Hiphugger) have a hip-hugging design and are made with UNIQLO's smooth AIRism fabric with quick-drying technology.

The AIRism Absorbent Sanitary Shorts (Hiphugger) are designed to be worn during a woman's period. The Sanitary Shorts are lightweight and can absorb up to 20 ml of moisture, with a central part of the crotch having an absorbent double layer for added protection. The crotch panel also has two wings for use with sanitary napkins, while the body is made with AIRism technology, with odor-control features and water-resistant fabric. The shorts have a low-rise hip-hugger style, with seamless hems that have no fabric edges.

Target's Spring Designer Collection for 2023 is making headlines, as the retail giant partners with three women-founded brands Agua Bendita, Fe Noel, and RHODE for unique and creative collections. The new partners, bring their individual heritage and culture to their designs, featuring apparel, swimwear, and accessories that are perfect for the warmer weather.

The new collections celebrate Colombian, Caribbean, and Indian cultures, showcasing the beauty and vibrancy of each unique heritage. The limited-time collections, which range from sizes XXS to 4X and priced from $15 to $48, will be available starting April 15.

With these latest partnerships, Target continues to explore women's clothing designed by women and bring more equity to the retail fashion market. In addition to the three new partners, Target has previously featured Gabriella Karefa-Johnson and social media influencer Tabitha Brown.

Target's commitment to featuring designers and social media influencers brings new selections to the store regularly, making shopping at Target an exciting experience.

The World Bank has revealed that exporters in Bangladesh are facing significant delays and higher trade costs due to inefficiencies in border processes. Exporters in Bangladesh require approximately 300 hours to meet border and documentary compliance requirements, according Bangladesh Development Update.

The time taken is significantly higher than the 60 hours required in India and 30 hours in China for similar work. Meanwhile, exporters spend 50 hours in Thailand, 110 hours in Vietnam, 120 hours in Indonesia, and 180 hours in Cambodia for the same tasks.

The report emphasizes that the country's failure to implement commitments under the World Trade Organisation's (WTO) trade facilitation agreement is contributing to the delays and higher trade costs.

While many of the WTO's 164 member countries have fully implemented the agreement's 37 provisions to expedite the movement, release, and clearance of goods across borders, Bangladesh has only implemented about 36 percent of them, the World Bank found.

The World Bank's findings suggest that improving border processes and implementing trade facilitation measures in line with international standards could significantly boost Bangladesh's trade competitiveness and lower trade costs for exporters.

Textile and garment exports from Vietnam dropped by 17% in the first quarter of 2023, reaching $7.1 billion. This is the deepest decline in the first quarter since 2009.

The drop is due to the impact of global inflation on consumer spending on non-essential products, causing a sharp drop in textile and garment exports to major markets such as the U.S. and EU.

Moreover, the domestic textile and garment industry is expected to see further declines in export growth this year due to shrinking export orders and factories operating at below capacity. The conflict between Russia and Ukraine, pandemic, financial market instability, and a banking crisis have also affected demand.

In response to this downturn, textile and garment enterprises in Vietnam need to diversify markets, products and brands produced in Vietnam, use green and recycled products, and have infrastructure investment plans and in-depth strategies to meet the requirements of foreign markets.

Moreover, they need to build connection channels to grasp the challenges and opportunities of the global textile industry, digital technology trends and new policies.

Cambodia's international trade during the first quarter of 2023 has seen a decline of 14.5% to $11.25 billion, according to a report by the General Department of Customs and Excise.

The report highlighted that the country's total export, valued at $5.39 billion, fell 5.7% YoY, while the total import, registered at $5.86 billion, dropped 21.3%.

Cambodia's garment, footwear, and travel goods industry, the largest foreign exchange earner for the country, recorded a 22% YoY decrease in exports, falling from $3.12 billion in Q1 2022 to $2.42 billion this year.

This sector employs about 750,000 workers, mostly female, across 1,100 factories and branches. The government expressed its concern about the global economic situation, particularly in the US and Europe, adding that declining income in those countries is affecting purchase orders, causing a ripple effect on the global economy through inflation.