Wages Rise in China/Vietnam, Cambodia and Other Countries Gain Manufacturing Market Share

The Coronavirus pandemic hit manufacturers hard the world over, including in China. Now, many Chinese factories were struggling to find sufficient workers. At the same time, record numbers of Chinese students are graduating from college, but these new grads want white-collar positions, not jobs on the manufacturing floor. The Chinese working-age population is also falling. Many Chinese manufacturing companies are having to raise wages and pay bonuses in order to attract and retain employees.

As a result, manufacturing is logically moving to nations with lower cost bases. Vietnam, especially, is reaping the rewards of its cheap labor. The U.S. Department of Commerce reported that U.S. imports from Vietnam of apparel and non-apparel textiles dropped significantly from 2022 ($18.3 billion) to 2023 ($14.2 billion). In fact, Vietnam is rapidly catching up with China as a top provider of apparel and textiles to the U.S. Other nations with growing manufacturing bases in this industry, fueled by extremely low wages, include Bangladesh, India and Cambodia.

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