China's textile and apparel market share is declining due to the epidemic

The latest data show that China's market share in world garment exports is being'eaten' by Vietnam, Bangladesh and other countries. According to the statistics of the fiscal year, from July 2019 to June 2020, Bangladesh's clothing exports were 27 billion US dollars, and Vietnam's clothing exports reached 30 billion US dollars. In terms of growth rate, due to the impact of the new crown epidemic, Bangladesh’s clothing exports fell by 18.12% in the last fiscal year. During the same period, Vietnam’s export revenue fell by only 3.09%, making Vietnam surpass Bangladesh to become the world’s second largest garment exporter. China is still the world’s largest garment exporter. According to statistics from the General Administration of Customs of China, China’s garment exports from July 2019 to June 2020 amounted to 135.8 billion U.S. dollars, far more than the two countries (about 570 Billion US dollars) or even the total export volume of India, the world's fourth largest exporter (the three countries totaled about 76 billion US dollars), so China still occupies an absolute dominant position in the world's garment export market. However, it is worth noting that China's garment exports have shown a downward trend year by year. From a decline of US$175.9 billion in 2015, the market share has dropped from the highest 38.8% in 2014 to 31.3% in 2018, and the latest decline in sales volume Look at the continued decline in market share. Therefore, in the short term, China's market share of ready-made garments is still obvious, but it is also gradually losing. The negative impact of the epidemic is still deepening, and major players in the global textile industry have been affected by it. Global data analysis companies estimate that sales of the apparel and footwear industries in the Asia-Pacific region will lose 95.4 billion US dollars this year. The global textile industry sales will decrease by 395.6 billion U.S. dollars, down 19.5% from last year, accounting for 29.1% of the total retail industry revenue loss (1.3617 trillion U.S. dollars). Only by knowing the others can we lead the way in the ever-changing international market.