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The development of the Garment manufacturing industry in Southeast Asian countries also varies greatly. According to CRI's analysis, with Singapore's industrial transformation and rising labor costs, Garment manufacturing has largely shifted to neighboring countries. At present, Singapore has become the design center, procurement center and marketing center of textile and Garment in Southeast Asia. Among the remaining Southeast Asian countries, the garment manufacturing industry is more developed in Vietnam, Cambodia, Myanmar and other countries. In 2021, Vietnam has become the world's second largest textile and garment exporter.
Southeast Asia in this report includes 10 countries: Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, Brunei, Laos and Cambodia. With a total population of over 600 million by the end of 2021, Southeast Asia has an overall economic growth rate higher than the global average and is one of the key drivers of future global economic growth.
According to CRI's analysis, the economic levels of the 10 Southeast Asian countries vary greatly, with Singapore being the only developed country with a per capita GDP of about US$73,000 in 2021. While Myanmar and Cambodia will have a GDP per capita of less than US$2,000 in 2021. The population and minimum wage levels also vary greatly from country to country, with Brunei, which has the smallest population, having a total population of less than 500,000 people in 2021, and Indonesia, which has the largest population, having a population of about 275 million people in 2021. The most economically advanced countries in Southeast Asia do not have a legal minimum wage, with the actual minimum wage exceeding US$400 per month (for foreign maids), while the lowest minimum wage level in Myanmar is only about US$93 per month.
Overall, the sales volume of garment manufacturing in Southeast Asian countries has shown an upward trend in recent years, especially in Vietnam, Cambodia and other countries with sustained economic growth, prompting rapid growth in sales volume of garment manufacturing.
According to CRI forecast, the garment manufacturing industry in Southeast Asia will maintain growth from 2022-2032. On the one hand, the lower labor costs in Southeast Asian countries will prompt global Garment processors to shift production capacity to these regions. On the other hand, rising demand in Southeast Asian Garment markets will prompt global Garment processors to increase exports to these countries.
Topics covered:
- Southeast Asia Garment Manufacturing Industry Status and Major Sources in 2018-2022
- What is the Impact of COVID-19 on Southeast Asia Garment Manufacturing Industry?
- Which Companies are the Major Players in Southeast Asia Garment Manufacturing Industry Market and What are their Competitive Benchmarks?
- Key Drivers and Market Opportunities in Southeast Asia Garment Manufacturing Industry
- What are the Key Drivers, Challenges, and Opportunities for Southeast Asia Garment Manufacturing Industry during 2023-2032?
- What is the Expected Revenue of Southeast Asia Garment Manufacturing Industry during 2023-2032?
- What are the Strategies Adopted by the Key Players in the Market to Increase Their Market Share in the Industry?
- What are the Competitive Advantages of the Major Players in Southeast Asia Garment Manufacturing Industry Market?
- Which Segment of Southeast Asia Garment Manufacturing Industry is Expected to Dominate the Market in 2032?
- What are the Major Adverse Factors Facing Southeast Asia Garment Manufacturing Industry?