Surge in Vietnamese apparel exports to US concerns NCTO
14/08/2014
The US imported $3.8 billion worth of textiles and apparel from January to May, a 14% increase over the same period last year.
“Vietnam has become a dominant player in the US textile and apparel market, demonstrating tremendous export growth without any free trade agreement preferences,” said Auggie Tantillo, CEO of National Council of Textile Organisations (NCTO).
“Vietnam’s export surge necessitates the need for a well-crafted and balanced Trans-Pacific Partnership agreement. The terms of this agreement are absolutely critical to the stability of the US textile sector and the entire textile and apparel production chain throughout the Western Hemisphere.
“Any final TPP must contain provisions that have been the foundation of U.S. trade agreements over the past 25 years, specifically fair rules of origin, common sense market access rules, and strong customs enforcement provisions.”
US textile and apparel imports from Vietnam have grown from $49 million in 2001 to $8.8 billion in 2013.
Vietnam stands to gain even greater access to the market upon conclusion of the TPP agreement and any preferential duty treatment the agreement affords.
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