The order moved. The value did not.
US apparel imports contracted **.* per cent year on year (YoY) in January–March ****, but China’s decline was far steeper: shipments fell **.* per cent to about $*.** billion, while Vietnam captured **.* per cent of import value.
That looks like rapid decoupling. The upstream numbers tell a more complicated story.
TexPro data show China exported $*.** billion of fabric to Vietnam, Bangladesh, Cambodia, India and Mexico during January–April ****. Those five markets absorbed **.* per cent of China’s worldwide fabric exports, up from **.* per cent in ****.
