Vietnam's textile & garment exports fall 13.6% to $25 bn in Jan-Sept

During the same period, Vietnam's yarn exports fell by 13.8 per cent year-on-year to $3,252.282 million. However, in terms of volume, the country witnessed a 9.3 per cent increase, exporting 1,316,481 tons of yarn, a 9.3 per cent rise compared to the previous year. 

In September 2023, yarn exports decreased by 12.5 per cent to $373.923 million, with the volume of yarn exports also down by 11.7 per cent to 153,768 tons. 

The US was the top destination for Vietnam's textile and garment exports, accounting for 43.16 per cent, or $11.008 billion, in the first nine months of the year. Japan and South Korea were also significant markets, with exports reaching $2,938.721 million and $2,430.439 million, respectively. 

In terms of yarn exports, China received 66.88 per cent of Vietnam's total shipments, totalling $1,717.872 million. India was another significant recipient, with shipments valued at $56.864 million in the first nine months of 2023. 

On the other hand, Vietnam's cotton imports reached $2,137.143 million, marking a 28.2 per cent decline from January to September 2023. The imported volume was 989,235 tons during the same period, a 6.8 per cent decrease compared to the same timeframe last year. The country also imported 761,817 tons of yarn valued at $1,605.566 million, reflecting a 21.3 per cent decrease in value and 5.6 per cent in volume. Additionally, fabric imports totalled $9,578.850 million, down by 16.3 per cent. 

In September 2023, cotton and yarn imports were $220.347 million (108,516 tons) and $189.094 million (89,176 tons), respectively. Yarn imports increased by 4.3 per cent, while cotton imports decreased by 11 per cent compared to the previous month. Moreover, fabric imports saw a rise, increasing by 1.5 per cent to reach $1,099.989 million during the same period. 

In 2022, Vietnam's textile and garment exports expanded by 14.7 per cent year-on-year, reaching $37.5 billion, falling short of the targeted $43 billion. In 2021, exports in this sector amounted to $32.750 billion, showing a growth of 9.9 per cent compared to 2020's figure of $29.809 billion. Yarn exports also experienced significant growth in 2022, soaring by 50.1 per cent to reach $5.609 billion, up from $3.736 billion in 2020. 

According to the Vietnam Textile and Apparel Association (VITAS), assuming a positive market scenario, Vietnam has set an export target of $48 billion for textiles, garments, and yarn in 2023. 

ALCHEMPro News Desk (KUL)