Textile & Garment sector’s export market demand outlook in 1H2023: Headwinds are still blowing
- We are turning more cautious on the order outlook for Vietnamese OEMs due to inflation-led consumption weakness in the export markets in 1H2023.
- Retail sales of clothing and footwear in Vietnam’s main export market have shown signs of declining since Oct 2022. In the three months to Oct 2022, clothing was amongst the worst categories of non-food retail sales in the UK. In our view, it is tough for Vietnamese OEMs clients to increase sales growth in what looks like a slowing market.
- While the export market’s demand has slowed down, retail inventories have gone up, accumulating headwinds for Vietnam’s textile & garment order outlook.
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