Asian textile and apparel exporting nations including Vietnam, Sri Lanka and Indonesia have posted major gains in global competitiveness during 2010, a business report has said.
The Global Competitiveness Report 2010-2011 – published this month – shows that Vietnam moved up 16 positions to 59th out of 139 countries polled. Among its strengths are an efficient labour market, impressive innovation potential and large export market, it was found.
The report also reveals that Sri Lanka moved 17 rankings to 62nd, up from 79th last year, attributable in part to its impressive business sophistication and innovation.
The study, which is based on a survey of 13,500 business leaders worldwide and 12 determinants of competitiveness that include the macro-economy and goods market efficiency, found that Indonesia moved up ten slots to 44th from 54th last year.
Similarly, the report compiled by the World Economic Forum, shows that the world’s biggest textiles and apparel exporter, China, also moved up two positions, to 27th, but highlights that neighbouring India fell two slots to 51st from 49th last year.
Other major emerging nations that witnessed falls included flood crisis-affected Pakistan, down 22 slots to 123rd, Bangladesh, down one position to 107th, and Egypt, down 11 places to 81st.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHowever, Turkey, also a key textiles and apparel exporter, retained its ranking position of 61st.
Overall, Switzerland was ranked the most competitive economy, followed by Sweden, Singapore, the US and Germany.
