Vietnam's textile & garment exports fall 12.9% to $27.67 bn in Jan-Oct

Vietnam's textile and garment sector experienced a 12.9 per cent decline in exports from January to October 2023, totalling $27.670 billion, as reported by the customs IT and statistics department of the General Department of Customs under Vietnam's ministry of finance. In October 2023, exports marginally decreased by 0.1 per cent to $2.566 billion compared to the previous month. 

Simultaneously, Vietnam's yarn exports dropped by 10.8 per cent year-on-year to $3,640.883 million. However, in volume terms, the country saw a 12.0 per cent increase, exporting 1,479,154 tons of yarn. 

In October 2023, yarn exports rose by 4.0 per cent to $388.701 million, with the volume of yarn exports increasing by 5.8 per cent to 162,714 tons. 

The US remained the primary market for Vietnam's textile and garment exports, accounting for 43.42 per cent, or $12.015 billion, in the first ten months of the year. Japan and South Korea were also major markets, with exports totalling $3,315.296 million and $2,665.958 million, respectively. 

Regarding yarn exports, China received 53.07 per cent of Vietnam's total shipments, amounting to $1,932.106 million. India was another significant recipient, with shipments valued at $60.565 million in the first ten months of 2023. 

On the import side, Vietnam's cotton imports reached $2,353.688 million, a 30.6 per cent decline from January to October 2023. The imported volume was 1,096,790 tons during this period, an 8.7 per cent decrease year-on-year. The country also imported 857,957 tons of yarn, valued at $1,800.121 million, reflecting an 18.4 per cent decrease in value and a 2.5 per cent reduction in volume. Additionally, fabric imports totalled $10,711.355 million, down by 14.4 per cent. 

In October 2023, cotton and yarn imports were $216.612 million (107,595 tons) and $194.461 million (96,154 tons), respectively. Yarn imports increased by 2.8 per cent, while cotton imports decreased by 1.7 per cent compared to the previous month. Moreover, fabric imports saw a 3 per cent rise, reaching $1,132.713 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)