Vietnam's textile & garment exports rise 10.6% to $33.6 bn in Jan-Nov

During the eleven-month period, Vietnam’s yarn exports rose slightly by 0.7 per cent year-on-year, totalling $4.022 billion. In volume terms, yarn exports increased by 4.5 per cent, with the country exporting 1.701 million tonnes of yarn in the first 11 months of 2024. On a month-on-month basis, yarn exports eased by 7.5 per cent in value and 6.6 per cent in volume. In November 2024, Vietnam exported 161,954 tonnes of yarn, valued at $367.706 million.

The United States remained the largest market for Vietnam’s textile and garment exports, accounting for 43.43 per cent of the total, equivalent to $14.616 billion. Japan and South Korea were also key markets, with exports amounting to $3.983 billion and $2.920 billion, respectively.

For yarn exports, China was the largest buyer, accounting for 48.53 per cent of Vietnam’s total yarn shipments, valued at $1.951 billion. Yarn exports to India were valued at $59.292 million during the January to November 2024 period.

On the import side, Vietnam’s cotton imports rose by 2.3 per cent year-on-year to $2.650 billion between January and November 2024. The volume of imported cotton reached 1,369,731 tonnes, marking a 12.6 per cent year-on-year increase. The country also imported 1,126,291 tonnes of yarn, valued at $2.474 billion, reflecting a 24.0 per cent increase in value and a 17.6 per cent rise in volume. Fabric imports totalled $13.572 billion, up 14.3 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)