Vietnam’s garment exports to its largest market North America experienced a significant decline of 26.02 per cent to reach $13.111 billion during January-October 2023 from $17.722 billion of January-October 2022. Meanwhile, Vietnam's total garment exports have seen a fall of 18.75 per cent to $26.762 billion in the first ten months of 2023, down from $32.120 billion during January-October 2022.
North America's imports constituted 48.99 per cent of Vietnam's total garment exports in the first ten months of 2023. In 2022, Vietnam's garment exports totalled $37.506 billion, with Vietnam's apparel shipments to North America increasing by 28.61 per cent to reach $20.198 billion or 53.85 per cent of Vietnam's overall apparel exports, according to Fibre2Fashion’s market insight tool TexPro.
The Asia-Pacific region was the second largest market for Vietnam's garment exports in January-October 2023, holding a 34.78 per cent share. During this period, shipments slightly decreased by 1.74 per cent to $9.306 billion, down from $9.471 billion in the corresponding months of 2022. Additionally, in the full year of 2022, exports to the region were valued at $11.301 billion, marking a 13.69 per cent increase from the preceding year of 2021.
The country’s apparel exports to Europe in the first ten months of 2023 decreased by 14.9 per cent to $3.661 billion, down from $4.302 billion during the same period in 2022. Throughout January-October 2023, Europe accounted for 13.68 per cent of Vietnam's total apparel exports.
In contrast to the larger markets, Vietnam's apparel exports to smaller markets like the Middle East and Central & South America have shown a positive trend. Shipments to the Middle East increased by 19.53 per cent, reaching $351.203 million (accounting for 1.31 per cent of the total) in January-October 2023, up from $293.824 million in the corresponding period of 2022. Exports to Central & South America were recorded at $277.082 million, comprising 1.04 per cent of the total, which represents a 5.01 per cent increase from the $263.863 million shipped in January-October 2022, according to TexPro.
Vietnam's apparel exports to Africa decreased by 17.35 per cent to $54.262 million in the same period, down from $65.654 million.
ALCHEMPro News Desk (KUL)
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