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China's textile and clothing exports witnessed a notable decline of 8.1% in 2023, amounting to the equivalent of $293.6 billion, according to figures released by the Chinese textile sub-council CCPIT-Tex. When adjusted for exchange rate effects, the decline stands at 2.9%.
The recent issuance of Minister of Trade Regulation Number 36 of 2023 by the Indonesian government, which addresses import policies, has stirred concerns, particularly among batik craftsmen, notably those in small and medium industries (IKM). While the policy aims to regulate the import of textiles and batik textile products for the needs of ministry agencies or public interest, its potential impact on local artisans has raised apprehensions.
In a bid to capitalize on positive developments observed in the final quarter of this year, the Vietnam Textile and Apparel Association (VITAS) has set an ambitious target of $44 billion in earnings from textile and apparel exports in 2024. The announcement was made by VITAS Chairman Vu Duc Giang during a recent press conference.