Despite ongoing challenges such as slow global demand recovery and geopolitical tensions in some regions, many enterprises have still maintained stable production, gradually improved their operations, and tapped into niche markets to seek new growth opportunities.
Indonesian President Prabowo Subianto called on authorities to take stronger action against the smuggling of textile products into the country, describing it as a threat to Indonesia's sovereignty.
A series of negative factors from the fourth quarter of 2022, such as the global economic slowdown and high inflation, suggest that the demand for textile products will decrease in 2023.
Made-in-Vietnam fabrics have been exempted from new import tariffs of Indonesia, which have been imposed on some textile products from May 2020 until November 2022.
The Indonesian government has imposed temporary additional duties on imports of textiles and textile products up to 67.7 percent, the country’s finance ministry has said.
Vietnam has made it onto the list of the world’s five biggest textile exporters and producers, with textile and garment export turnover hitting 16 billion USD in the first half of 2018, up more than 14 percent year-on-year.
