China’s share has reduced to 20.90 per cent in the US’ total apparel import of $49.755 billion during the first half 2022.
The ban on Chinese cotton has already influenced cotton prices. Chinese cotton is losing ground due to slower demand. While export of fabrics, yarn and cotton produced in other countries is growing. So, there is a high possibility that the global textile value chain may undergo a paradigm shift due to this development.
It may be noted that China was the largest garment supplier to the US in 2021 with 24.73 per cent share. Vietnam (17.26 per cent), Bangladesh (8.33 per cent), India (5.11 per cent) and Indonesia (4.04 per cent) were the next four largest suppliers to the US.
With a drop in China’s share to the US
apparel market, the share of the next four apparel supplying countries has increased
during the first half 2022. The share of Vietnam rose to 18.
28 per cent, Bangladesh 9.65 per cent, India 6.47 per cent, and Indonesia 6.07 per cent. Thus, the declining share of China in US apparel imports is resulting in an increase in the share of other Asian countries, indicating a dynamic shift in global textile production and trade.
