As soon as the COVID-19 subsidies are issued, Vietnam may become the largest exporter of clothing to the US. After the first two months of 2020 have analyzed the trend in clothing trade and anticipating the remainder of the year. Vietnam exported $2.38 billion worth of clothing in January-February 2020 to the US, which marked an rise of 3.50 per cent. It constitutes 18.80% of overall imports of clothes from the United States.
Vietnam’s share in the US apparel market was 16.17 per cent in the corresponding period of 2019 and this indicates the share has significantly surged in 2020. On the other hand, China, the largest apparel exporter to the US, shipped apparels worth $2.69 billion with a drastic fall of 40.66 per cent. China accounted for 21.25 per cent of total apparel imported by USA in the first 2 months of 2020.
In the same timeframe a year ago, China’s share has decreased significantly, at 31.92 percent. The outspread of COVID-19 has triggered a big reverse on China’s shipment in conjunction with the trade war, which has decided to rehabilitate the company. In addition, purchasers switch from China and consider alternate destinations for placement of orders, according to numerous sources.
A large number of US companies based in China, not only customers, have chosen to leave the region. QIMA’s latest survey will leave China around 80 per cent of U.S. firms.