Fabric and garment exports from the Southeast Asian nation increased at 9.5 per cent year-on-year to $23.577 billion during January-November 2017. Of this, the US alone accounted for nearly half or $11.145 billion, followed by Japan and South Korea with exports to these countries valued at $2.803 billion and $2.445 billion, respectively.
Vietnam also exported 1,227,228 tons of yarn earning $3.266 billion during the eleven-month period, registering an increase of 15.7 per cent and 22.9 per cent year-on-year, respectively, according to the data. Of this, China imported around 56 per cent or $1.853 billion, followed by $111.218 million by India.
On the other hand, Vietnam imported 1,186,078 tons of cotton and 796,149 tons of yarn, valued at $2.168 billion and $1.637 billion, respectively, during the eleven-month period under review. Fabric imports during the period were valued at $10.345 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $14.152 billion, which is more than half of the value of its exports.
In 2016, Vietnam earned $26.770 billion from textile and garment exports. Of this, yarn exports accounted for $2.929 billion while fabric and garment exports contributed the remaining $23.841 billion.
For the current year, Vietnam has set the target of achieving $30 billion in textile and apparel exports. (RKS)
ALCHEMPro News Desk – India
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
