China Remains Competitive In Exporting Apparel To US
dweisman | | Aug 10, 2014 12:09 AM EDT |
(Photo : Reuters)
Despite competition from Vietnam and Bangladesh in the textile trade, China continues to be competitive when it comes to exporting apparel to the United States, according to just-released economic data from the U.S. Department of Commerce Office of Textiles and Apparel, or OTEXA.
Gains in Chinese worker output continued a trend toward cost-per-piece falling below that of even Bangladesh, making Chinese clothing even more competitive on the U.S. market. Further aiding Chinese exports to the US is a recovering American economy resulting in an increase of nearly 3.8 percent in apparel imports for the first six months of the year.
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OTEXA's Major Shippers Report found China keeping its place as number one trading partner in the world of clothing with a nearly 37 percent share of the US import market. Chinese imports increased 1.73 percent in the first six months of 2014 compared to the same period in 2013. June imports from China, however, were flat, increasing less than one percent while total US imports increased 2.96 percent.
Chinese imports from June 2013 to June 2014 totaled nearly USD$30 billion accounting for 37 cents of every dollar spent in the US on apparel. Second-place Vietnam continued to build momentum in the US import market with USD$8.7 billion, or nearly 11 cents of every apparel dollar. However, Vietnamese imports increased nearly 16 percent.
The normally vibrant Bangladeshi import market grew 5.7 percent accounting for 11 cents of every American apparel dollar spent. Mexico, in fourth place, suffered a 3.3 percent decline in value, settling at 6 cents of every U.S. clothing dollar spent.
Cost per production unit has been falling for Chinese companies due to increased production efficiency while Chinese workers in the garment trade have seen a slight increase in wages.
Switzerland-based International Institute for Labour Studies in conjunction with the International Labour organization, published a report earlier this year finding Chinese garment workers in Shanghai earned minimum monthly salaries of USD$262 while those in Guangdong earned USD$138.
By contrast, Bangladeshi garment workers earned a minimum of USD$39 per month. Vietnam's workers earned a little less than USD$100 per month. Hong Kong garment workers at USD$800 per month and Korean workers at USD$900 per month did the best financially.
TagsApparel, China manufacturing, us imports, clothes, us-china trade, Bangladesh, Vietnam, commerce
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