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After achieving significant success in international markets, numerous Vietnamese businesses are redirecting their focus towards the domestic market to cater to the increasing number of customers opting for homegrown products. While the textile and garment industry, accounting for over $44 billion in export turnover in 2022, has been instrumental in showcasing Vietnam's manufacturing prowess globally, experts emphasize the need to strike a balance between international and domestic market priorities.

Cambodia's exports of garments, footwear, and light manufacturing products to the United States experienced a slight decline of 0.89%, amounting to $8,144 million during the first eleven months of 2023 compared to the same period in the previous year, as reported by the Ministry of Commerce. This decline represents a nuanced shift in the trade landscape for Cambodia, a significant player in the global apparel and manufacturing sector.

India's apparel retail market is poised for significant growth, with revenues expected to reach $105 billion in 2024, according to Statista. The market is anticipated to experience a Compound Annual Growth Rate (CAGR) of 3.58% from 2024 to 2027.

Anticipation surrounds the forecasted decline in investment in the textile and textile products (TPT) sector for the upcoming year, shedding light on the dynamics of the global economy. The Indonesian Textile Association (API) predicts this potential downturn as a direct result of the current unstable global conditions. According to API Chairman Jemmy Kartiwa Sastraatmaja, factors such as the global economic downturn and high loan interest rates in the United States (currently at 5.5%) play a crucial role in assessing investment potential. His estimate suggests that the impact of the US Federal Reserve's interest rate cuts is expected to be felt only in 2025, beginning in late Q2 of 2024.

  1. Bangladesh Aims to Slash Cotton Imports by 15% Through Garment Waste Recycling
  2. Cambodia Faces 14.8% YoY Decline in Textile-Garment Exports in Jan-Nov 2023
  3. Bangladesh Faces Decline in RMG Exports to Traditional Markets
  4. Bangladesh Garment Industry Takes a Stand Against Unfair Discounts