Vietnam's textile & garment exports rise 13.4% in Jan-Feb 2024

Simultaneously, Vietnam's yarn exports saw an 18.1 per cent increase year-on-year to $666.759 million. In terms of volume, there was a 26.7 per cent rise, with the country exporting 282,059 tons of yarn in the first two months of 2024. However, on a month-on-month basis, yarn exports fell by 25.7 per cent in value and 21.9 per cent in volume.

The US remained the main market for Vietnam's textile and garment exports, making up 42.40 per cent of the total, equivalent to $2.187 billion. Japan and South Korea were also significant markets, with exports amounting to $630.228 million and $515.066 million, respectively.

In terms of yarn exports, China was the largest recipient, accounting for 47.99 per cent of Vietnam's total yarn shipments, valued at $329.089 million. India also featured prominently, with yarn shipments worth $4.840 million in January 2024.

Regarding imports, Vietnam's cotton imports surged by 34.4 per cent to $480.814 million in January-February 2024 compared to the same period in 2023. The volume of imported cotton was 480,814 tons, marking a 66.3 per cent increase year-on-year. The country imported 167,617 tons of yarn, worth $353.257 million, reflecting a 19.6 per cent rise in value and a 19.9 per cent increase in volume. Fabric imports totalled $1.964 billion, up by 14.7 per cent.

In 2023, Vietnam's textile and garment sector witnessed a decline of around 12 per cent to $36.230 billion. Although the Vietnam Textile and Apparel Association (VITAS) had set an export target of $48 billion, this goal was not met. In 2022, the sector's 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 reached $32.750 billion, a 9.9 per cent increase from 2020's $29.809 billion.

Due to a decrease in global market demand, VITAS has lowered the export target for textiles, garments, and yarn to $44 billion for 2024.

ALCHEMPro News Desk (KUL)