The market next year is still very promising. Let us first review the global economy in 2022. If we have to find such a bright spot, we can find that Vietnam’s performance last year was indeed good, and Vietnam is also one of the few textile trading economies. Countries that can still achieve growth in textile and clothing exports in 2022.
For the whole of 2022, Vietnam’s textile and clothing exports will reach US$44 billion, a year-on-year increase of 8.8%, completing the proposed goal. The reason is that the good performance of Vietnam’s economy is obviously due to its change of epidemic prevention policy at the beginning of this year and its choice to liberalize, which temporarily attracted a large amount of foreign investment. Among them, some domestic textile people have gone to invest. But if we think that Vietnam can continue to advance in 2023 with peace of mind, there are still many places worthy of scrutiny.
There are still many problems to be solved in Vietnam. The most important thing is that Vietnam’s economy is highly dependent and is very susceptible to the influence of foreign developed markets. A typical example of this is the “inflation” impact of developed economies, which will affect Vietnam. Vietnam’s domestic consumption power is still very weak, and a large number of manpower is engaged in lower-end processing and manufacturing, unable to afford the “internal circulation” of the domestic consumer market.
Therefore, the biggest problem facing Vietnam’s economy in 2023 is still whether the economy in overseas markets can remain stable. Inflation in major markets, including the United States and the European Union, is discouraging consumer spending, which in turn will lead to reduced orders for manufactured goods in Vietnam and a consequent loss of job opportunities in Vietnam.
Now, as a major textile country, we have also made adjustments to control policies, and we finally have hope in 2023! It is estimated that the opening of the market next year will be a “good start.”
Dyeing factory explosion warning
First of all, there will definitely be explosions in dyeing factories. Since the Chinese New Year is very early this year, and orders are placed relatively late, judging from the holiday information released now, many printing and dyeing factories have stopped dyeing, and have even reached the last day. For vat cloth, this means that a large number of orders will not be completed before the year and will be delayed until the end of the year. And the orders before the year plus the orders after the year are squeezed together, and it is certain that the vats in the dyeing factory will explode.
Raw materials will rise after the year
Secondly, because orders will be concentrated until the end of the year, raw materials may also have a “good start” by then. Although polyester factory inventories may be high during the Spring Festival, the destocking done during this period will Work has also played a certain role. Coupled with the routine production reduction and maintenance during the Spring Festival holiday, the inventory increase may just offset the destocking before the year. If we also grasp the “buying up” mentality of weaving enterprises, in the first few days after the new year Raw material prices are indeed likely to rise.
The labor shortage will become more serious
Although the market may get out of the trough next year, it is worth noting that the “labor shortage” phenomenon may become even more severe. In the past two years, the phenomenon of “labor shortage” after the holidays has become more and more serious. The main reason is that factories have been set up in workers’ hometowns. It is always more comfortable to live at home than outside. This year, it may also affect public health. Workers are motivated to leave their hometowns to find work, so the phenomenon of “labor shortage” next year is also worth noting.
2023 will not only be a turning point for the textile market, but also a turning point for the entire global economy. Whether it is the recovery of orders or the relaxation of control, it means that the starting line for next year has already exceeded 2022.
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