Vietnam's textile & garment exports rise 10.5% to $30.5 bn in Jan-Oct

Meanwhile, Vietnam’s yarn exports rose slightly by 0.3 per cent year-on-year, totalling $3.653 billion. In volume terms, yarn exports increased by 4.0 per cent, with the country exporting 1.538 million tonnes of yarn in the first ten months of 2024. On a month-on-month basis, yarn exports grew by 18.2 per cent in value and 20.2 per cent in volume. In October 2024, Vietnam exported 173,695 tonnes of yarn, valued at $397.695 million.

The United States remained the largest market for Vietnam’s textile and garment exports, accounting for 43.49 per cent of the total, equivalent to $13.297 billion. Japan and South Korea were also key markets, with exports amounting to $3.548 billion and $2.733 billion, respectively.

For yarn exports, China was the largest buyer, accounting for 55.12 per cent of Vietnam’s total yarn shipments, valued at $1.770 billion. Yarn exports to India were valued at $52.999 million during the January to October 2024 period.

On the import side, Vietnam’s cotton imports rose by 2.7 per cent year-on-year to $2.418 billion between January and October 2024. The volume of imported cotton reached 1,237,855 tonnes, marking a 12.8 per cent year-on-year increase. The country also imported 1,014,358 tonnes of yarn, valued at $2.239 billion, reflecting a 24.4 per cent increase in value and an 18.2 per cent rise in volume. Fabric imports totalled $12.273 billion, up 14.7 per cent year-on-year.

In 2023, Vietnam’s textile and garment sector saw a decline of around 12 per cent, dropping to $36.23 billion. Although the Vietnam Textile and Apparel Association (VITAS) had set an export target of $48 billion, the sector did not meet this goal. In 2022, the sector’s exports grew by 14.7 per cent to $37.5 billion, still falling short of the $43 billion target. In 2021, exports totalled $32.75 billion, marking a 9.9 per cent increase from $29.81 billion in 2020.

In response to declining global market demand, VITAS has lowered its export target for textiles, garments, and yarn to $44 billion for 2024.

ALCHEMPro News Desk (KUL)