Chemical Fiber ASEAN Gold Rushing Opportunities for Textiles

The textile industry in many neighboring countries such as Vietnam is developing rapidly. However, due to the incomplete industrial chain, fabrics cannot be self-sufficient, and the demand for domestic chemical fiber and other textile fabrics is very large. Yang Jichao, secretary general of the China National Textile and Apparel Association, said at the second session of the China Special Fabric Summit held last week.

Yang Jichao said that in the past, the export of clothing and fabrics was mainly concentrated in the three traditional markets of the United States, Japan, and the European Union. As the financial crisis has mainly hit these developed countries, it has become the consensus of many textile-related companies to increase efforts to expand into emerging markets and achieve diversification in export areas. Especially in neighboring countries such as Vietnam and Cambodia, garment production and exports are rapidly increasing. Because their industry chain is not very complete, the import growth of fabrics is much higher than clothing. For example, more than 90% of Vietnam's textile fabrics and accessories need to be imported. Vietnam is substantially increasing imports of high-quality foreign fabrics and garment accessories to cope with increasing orders. From January to September of this year, Vietnam exported more than 8 billion U.S. dollars worth of garments, and the amount of imported fabrics was as high as more than 3.6 billion U.S. dollars. The first choice for Vietnam's imports of fabrics is China.

According to the statistics of the country's customs, as the ASEAN-China Free Trade Area was formally launched this year, the demand for imported products in Southeast Asia's textile industry increased, the price of textile raw materials rose, and the price of textile exports increased. From January to September this year, China’s chemical fiber industry exports The amount of 4.91 billion US dollars, an increase of 32.4%.

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