Major clothing and shoe companies are moving production to countries closer to their U.S. and European stores, smarting from a resurgence in cases of the Delta variant of the coronavirus in Vietnam and China that slowed or shut down production for several weeks earlier this year.
Bulgaria, Ukraine, Romania, the Czech Republic, Morocco and Turkey were some of the countries drawing new interest from clothing and shoe producers, though China continues to produce a large share of the apparel for U.S. and European clothing chains.
In Turkey, apparel exports are expected to reach $20 billion this year, an all-time high, driven by a spike in orders from the European Union, Turkey’s Union of Chambers Clothing and Garment Council data showed. In 2020, exports totaled $17 billion. "Many companies from the European Union, which is our most important trading partner, are looking for new suppliers and new supply chains in the Balkan market," said Professor Muris Pozderac, secretary of the association of textile, clothing, leather and footwear in Bosnia & Herzegovina.significantly shifted its private-label volume production in 2020, clothing exports were a touch over $1 billion as of the end of August this year, up 34.2% from 2020 and even 8.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asia stocks slip after Wall Street hits another recordTokyo, Hong Kong and Seoul declined while Shanghai advanced.
Read more »
Ransomware crackdown spreads in U.S., Europe and AsiaLaw enforcement agencies around the world have made a series of arrests in the past five days that together constitute one of the largest law enforcement crackdowns on suspected ransomware hackers to date.
Read more »
50 Over 50 Goes Global: Seeking Your Nominations For Europe And AsiaThe 50 Over 50 is a list dedicated to highlighting women over the age of 50 who are shattering age and gender norms across all sectors of the American economy and culture. But now it’s time to go global. We’re expanding this important franchise to Europe and Asia—and we want your submissions.
Read more »
Larger-than-expected Saudi crude price hikes to Asia bullish for marketsTop oil exporter Saudi Arabia has raised the price differential of its flagship crude to Asia by more than double in December versus November, exceeding market expectations and sending a bullish signal to the global oil market, traders said.
Read more »
Ransomware crackdown spreads in U.S., Europe and AsiaLaw enforcement agencies around the world have made a series of arrests in the past 5 days that together constitute one of the largest law enforcement crackdowns on suspected ransomware hackers to date.
Read more »