The US accounted for a major share (about 44.04 per cent) totalling $0.991 billion in the textile and garment exports of Vietnam during the first month of this year. Japan and South Korea were the other major destinations with exports of $0.248 billion and $0.244 billion, respectively, according to the latest figures.
Vietnam’s yarn exports also decreased in January by 52.4 per cent to $0.225 billion compared to the same period of last year. Of this, China imported around 38.22 per cent or $0.086 billion worth of yarn, followed by India that imported yarn worth $5.004 million. In volume terms, Vietnam exported 88,130 tons of yarn which was 38.9 per cent lower than the exports during the corresponding period of last year.
Vietnam earned $2.250 billion from textile and garment exports in January 2023, a decline of 37.6 per cent over the previous year, as per preliminary data from customs IT and statistics department, general department of customs, Vietnam’s ministry of finance. In 2022, Vietnam’s total textile and garment exports were valued at $37.5 billion.
In 2022, Vietnam’s textile & garment exports had grown by 14.7 per cent year-on-year to $37.5 bn, against the target of $43 billion. In 2021, Vietnam’s textile and garment exports earned $32.750 billion, registering a growth of 9.9 per cent over the exports of $29.809 billion in the previous year, while yarn exports increased by 50.1 per cent to $5.609 billion from $3.736 billion in 2020.
For 2023, Vietnam expects its export earnings to be $48 billion from textiles, garments, and yarn shipments in case of a positive market scenario, according to the Vietnam Textile and Apparel Association (VITAS).
Fibre2Fashion News Desk (KUL)
