Vietnam's textile and garment sector experienced an 11.4 per cent decline in exports during the last year, 2023, totalling $33.329 billion, as reported by the Customs IT and Statistics Department of the General Department of Customs under Vietnam's ministry of finance. In December 2023, exports increased by 5.5 per cent to $2.901 billion compared to the previous month.
The Vietnam Textile and Apparel Association (VITAS) had set an export target of $48 billion for textiles, garments, and yarn in 2023, assuming positive market conditions. However, the combined exports only reached $36.230 billion last year. Consequently, the shipments fell short by 24.52 per cent of the target for textile, garment, and yarn exports.
Simultaneously, Vietnam's yarn exports dropped by 7.6 per cent year-on-year to $4,355.699 million. However, in volume terms, the country saw a 13.4 per cent increase, exporting 1,784,254 tons of yarn.
In December 2023, yarn exports gained 2 per cent to $361.081 million, with the volume of yarn exports increasing by 4.1 per cent to 155,658 tons.
The US remained the primary market for Vietnam's textile and garment exports, accounting for 43.40 per cent, or $14.466 billion, in 2023. Japan and South Korea were also significant markets, with exports totalling $4,056.155 million and $3,046.574 million, respectively.
Regarding yarn exports, China received 53.18 per cent of Vietnam's total shipments, amounting to $2,316.760 million. India was another significant recipient, with shipments valued at $69.589 million in 2023.
On the import side, Vietnam's cotton imports reached $2,831.660 million, a 29.7 per cent decline last year. The imported volume was 1,337,631 tons during this period, a 6.8 per cent decrease year-on-year. The country also imported 1,052,962 tons of yarn, valued at $2,191.238 million, reflecting a 13.9 per cent decrease in value and a 0.7 per cent reduction in volume. Additionally, fabric imports totalled $13,016.741 million, down by 11.5 per cent.
In December 2023, cotton and yarn imports were $241.176 million (121,171 tons) and $196.457 million (95,365 tons), respectively. Yarn imports increased by 1.2 per cent, while cotton imports increased by 1.7 per cent compared to the previous month. Moreover, fabric imports saw a 2.9 per cent fall, reaching $1,142.647 million during the same period.
In 2022, Vietnam's textile and garment exports grew by 14.7 per cent year-on-year to $37.5 billion, falling short of the $43 billion target. In 2021, exports in this sector amounted to $32.750 billion, a 9.9 per cent increase from 2020's $29.809 billion. Yarn exports had also seen significant growth in 2022, soaring by 50.1 per cent to $5.609 billion, up from $3.736 billion in 2020.
ALCHEMPro News Desk (KUL)
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