Vietnam’s exports to Philippines jumped many folds to $23.389 million in 2019 from just $1.081 million in 2018. The outbound trade slipped to $16.537 million in 2020 due to the pandemic and lockdowns and further fell to $11.124 million in 2021. However, the exports have already crossed last year’s figure to reach $15.596 million this year, according to Fibre2Fashion’s market insight tool TexPro.
Monthly exports jumped to $4.031 million in August 2022 from average monthly exports of $1.5-2 million. Vietnam’s apparel exports to Philippines amounted to $1.730 million in July, $1.754 million in June, $1.838 million in May, $1.197 million in April and $1.621 million in March 2022, as per TexPro.
Vietnam’s apparel exports to Philippines may touch new highs again this year as the outbound shipment has already reached $15.596 million in the first eight months of 2022. The exports witnessed a healthy growth in 2019 but dropped in the last 2 years due to COVID. Both countries are looking forward to increasing their bilateral trade to $10 billion by 2026.
Traditionally, Vietnam is a garment sourcing country for Philippines. Vietnam exports home textiles also to the country. The total outbound shipment was $22.194 million in 2021, $17.747 million in 2020, $12.747 million in 2019, $12.143 million in 2018 and $8.895 million in 2017. Vietnam supplied home textiles worth $16.609 million in the first eight months of 2022.
T-shirts, trousers and shorts, innerwear, dresses, jerseys, shirts and accessories were the major apparel products exported to Philippines. Under home textiles, sacks and bags, window, made-ups and furnishing articles were the major export items.
Fibre2Fashion News Desk (KUL)
