Vietnam's textile & garment exports fall 14.5% in Jan-July 2023

In the same period, Vietnam's yarn exports fell by 20.8 per cent to $2,451.436 million year-on-year. In terms of volume, the country exported 988,768 tons of yarn, marking a 2.6 per cent increase compared to the same period the previous year. 

In July 2023 alone, yarn exports gained by 2.2 per cent to $384.111 million, and the volume of yarn exports also increased by 0.9 per cent to 155,357 tons. 

The US accounted for a substantial 44.42 per cent of Vietnam's textile and garment exports in the first seven months of the year, totalling $8.462 billion. Japan and South Korea were also key markets, with exports amounting to $2,163.526 million and $1,628.592 million, respectively. 

Regarding yarn exports, China received 51.44 per cent of Vietnam's output, totalling $1,261.930 million. India was another major market, with shipments reaching $43.514 million in the first seven months of 2023. 

On the other hand, Vietnam's imports of cotton totalled $1,672.483 million with a decline of 22 per cent in January-July 2023. The volume was noted at 759,292 tons in the same period which was 3.4 per cent lower than the same period of last year. The country imported 588,170 tons yarn of $1,234.709 million. It fell 25 per cent in value and 8.5 per cent in volume. Fabric import was noted at $7,394.179 million with a decline of 18.8 per cent. 

During July 2023, cotton and yarn imports were recorded at $266.438 million (129,695 tons) and $167.200 million (78,239 tons) respectively. The import of yarn gained 10 per cent but the inbound shipment of yarn dropped 17.4 per cent over the previous month. Fabric import eased 10.4 per cent to $972.702 million in the same period. 

In 2022, Vietnam's textile and garment exports grew by 14.7 per cent year-on-year, reaching $37.5 billion, falling short of the target of $43 billion. In 2021, Vietnam's textile and garment exports amounted to $32.750 billion, a growth of 9.9 per cent compared to the previous year's exports of $29.809 billion. Yarn exports in 2022 increased by 50.1 per cent to $5.609 billion from $3.736 billion in 2020. 

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

ALCHEMPro News Desk (KUL)