Vietnam is expected to eclipse India in the global apparel trade this year, with Vietnamese garment exporters gradually overtaking their Indian competitors, according to The Economic Times.
Vietnam is planning to export US$10.8 billion worth of garments in 2009, up from US$8.4 billion last year, while India is projecting only US$9.2 billion worth of garment exports this year, up from US$8.78 billion in 2008, according to estimates from India’s Apparel Export Promotion Council.
The Council’s chairman Rakesh Vaid, told the Economic Times that India was clearly losing its competitive edge in global markets while exports from India have fallen, Bangladesh, Vietnam and Indonesia have increased their market share. With major markets like the US and EU reeling under recession and tightening their belts, nations like Bangladesh, Vietnam and China- which can generally produce garments more cheaply-are gaining an edge over India.
Vietnamese garment markers have also managed to increase their share of the US market despite having been constantly monitored by the US for alleged dumping.
Source : vovnews.vn