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Textile refers to the process of processing textile fibers and other raw materials into products. With the continuous development and improvement of the textile knowledge system and discipline system, in addition to traditional hand spinning and weaving, non-woven fabric technology, modern three-dimensional weaving technology and modern electrostatic nanoweb formation technology are widely used in the production of textiles for clothing, household and technical use.
According to CRI's analysis, Southeast Asia has abundant labor resources and lower costs for electricity, land and transportation, which have attracted global textile companies to shift their production capacity to the region. In Vietnam, for example, leading textile company TEXHONG TEXTILE entered the country in 2006, and in 2017, TEXHONG TEXTILE's yarn capacity in the region reached 1.25 million spindles, accounting for 41% of total yarn capacity. In 2021, TEXHONG TEXTILE leased 383,800 square meters of land in Hai Ho Industrial Zone and plans to build a new production base to further expand its capacity in Vietnam. Bros Eastern also laid out in Vietnam in 2013 and has expanded rapidly with tax incentives and low production costs, reaching 1 million spindles of capacity, accounting for 60% of Bros Eastern's total production capacity.
There are some differences in the degree of development of the textile industry in Southeast Asia in different countries. According to CRI's analysis, countries such as Vietnam have a more developed textile industry, such as Vietnam's textile industry has attracted a large influx of foreign investment, and its production capacity and scale have been rapidly enhanced, with Vietnam's textile exports reaching US$34.646 billion in January-November 2022. According to the Textile and Footwear Industry Development Strategy to 2023 and Outlook 2035, Vietnam plans to reach a total textile and footwear export of US$108 billion by 2030. However, Vietnam's textile industry chain is not yet sound, although the trade surplus of ready-made garments, but fabrics and raw materials, etc. are in deficit, there is still great room for future development.
Southeast Asia in this report includes 10 countries: Singapore, Thailand, Philippines, Malaysia, Indonesia, Vietnam, Myanmar, Brunei, Laos and Cambodia. With a total population of nearly 700 million by the end of 2022, 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$79,000 in 2022. While Myanmar and Cambodia will have a GDP per capita of less than US$2,000 in 2022. The population and minimum wage levels of each country also vary greatly. Brunei, which has the smallest population, will have a total population of less than 500,000 people in 2022, while Indonesia, which has the largest population, will have a population of about 280 million people in 2022.
CRI expects the Southeast Asian textile industry to continue to grow from 2023-2032.
Topics covered:
- Southeast Asia Textile Industry Status and Major Sources in 2018-2022
- What is the Impact of COVID-19 on Southeast Asia Textile Industry?
- Which Companies are the Major Players in Southeast Asia Textile Industry Market and What are their Competitive Benchmarks?
- Key Drivers and Market Opportunities in Southeast Asia Textile Industry
- What are the Key Drivers, Challenges, and Opportunities for Southeast Asia Textile Industry during 2023-2032?
- What is the Expected Revenue of Southeast Asia Textile 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 Textile Industry Market?
- Which Segment of Southeast Asia Textile Industry is Expected to Dominate the Market in 2032?
- What are the Major Adverse Factors Facing Southeast Asia Textile Industry?