Vietnam Tops U.S. Apparel Import Growth in January
Data from the Department of Commerce's Office of Textiles and Apparel (OTEXA) showed that China is still the No. 1 importer of apparel to the U.S., but Vietnam recorded the most growth, with 17.2 percent, to 282 million square meter equivalents.
According to Just-Style, imports rose 1.6 percent year-over-year to $6.63 billion. The volume of U.S. apparel imports from all sources grew 6.5 percent year-on-year in January, compared to the 5.4 percent growth in December.
The statistics showed declines in imports from countries, such as Honduras, Pakistan, Cambodia, Mexico and Indonesia.
Just-Style reported that many U.S. importers are drawn to Vietnam because they can diversify their supply chains and take advantage of low labor costs and the country's focus on specialization and modernization. Combined with the impact of the Trans Pacific Partnership, experts claim that Vietnam is a promising market to look toward.
The Vietnam Textile and Apparel Association reportedly claimed that the country's garment and textile export market will grow on average by 11.5 percent annually to 2020.