Vietnam's textile and garment sector experienced a 12.3 per cent decline in exports from January to November 2023, totalling $30.426 billion, as reported by the Customs IT and Statistics Department of the General Department of Customs under Vietnam's ministry of finance. In November 2023, exports increased by 7.2 per cent to $2.750 billion compared to the previous month.
Simultaneously, Vietnam's yarn exports dropped by 9 per cent year-on-year to $3,994.861 million. However, in volume terms, the country saw a 13.0 per cent increase, exporting 1,628,686 tons of yarn.
In November 2023, yarn exports fell by 8.9 per cent to $353.985 million, with the volume of yarn exports decreasing by 8.1 per cent to 149,481 tons.
The US remained the primary market for Vietnam's textile and garment exports, accounting for 43.26 per cent, or $13.165 billion, in the first eleven months of the year. Japan and South Korea were also major markets, with exports totalling $3,711.374 million and $2,819.567 million, respectively.
Regarding yarn exports, China received 53.03 per cent of Vietnam's total shipments, amounting to $2,118.268 million. India was another significant recipient, with shipments valued at $64.860 million in the first eleven months of 2023.
On the import side, Vietnam's cotton imports reached $2,590.705 million, a 31.3 per cent decline from January to November 2023. The imported volume was 1,216,574 tons during this period, an 8.9 per cent decrease year-on-year. The country also imported 957,526 tons of yarn, valued at $1,994.440 million, reflecting a 16.3 per cent decrease in value and a 0.7 per cent reduction in volume. Additionally, fabric imports totalled $11,874.030 million, down by 13.2 per cent.
In November 2023, cotton and yarn imports were $237.124 million (119,834 tons) and $194.123 million (99,590 tons), respectively. Yarn imports decreased by 0.2 per cent, while cotton imports increased by 9.5 per cent compared to the previous month. Moreover, fabric imports saw a 3.9 per cent rise, reaching $1,176.640 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 also saw significant growth in 2022, soaring by 50.1 per cent to $5.609 billion, up from $3.736 billion in 2020.
The Vietnam Textile and Apparel Association (VITAS) has set an export target of $48 billion for textiles, garments, and yarn in 2023, assuming positive market conditions.
ALCHEMPro News Desk (KUL)
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