The recent crisis in the Red Sea and the subsequent changes in shipping routes through the Suez Canal are posing significant challenges on the export of Asian garments and textiles, particularly those made from Polyester Staple Fiber (PSF). This development comes at a time when these nations had anticipated improved prospects for xxxx, but the crisis threatens to extend the slowdown in garment and textile exports due to the surge in freight charges, particularly to Europe.
Shinhan Securities Vietnam reports that Vietnamese firms exporting PSF to Europe and the East Coast of North America are facing disruptions due to the altered Red Sea routes. Vietnamese PSF exporters are expressing concerns about escalating transportation fees as shipping lines divert their routes to ensure safety amidst tensions in the Red Sea. This situation places an additional burden on exporters of PSF who were already grappling...
