Vietnam's textile & garment exports rise 3.8% to $13 bn in Jan-May

Simultaneously, Vietnam’s yarn exports saw a 6.5 per cent increase year-on-year to $1,797.791 million. In terms of volume, there was a 10.4 per cent rise, with the country exporting 748,998 tons of yarn in the first five months of 2024. On a month-on-month basis, yarn exports increased by 8.2 per cent in value and 4.5 per cent in volume.

The US remained the main market for Vietnam’s textile and garment exports, accounting for 43.02 per cent of the total, equivalent to $5.642 billion. Japan and South Korea were also significant markets, with exports amounting to $1,531.762 million and $1,158.803 million, respectively.

Regarding yarn exports, China was the largest recipient, accounting for 48.46 per cent of Vietnam’s total yarn shipments, valued at $765.888 million. Yarn exports to India were worth $23.503 million in January-May 2024.

In terms of inbound trade, Vietnam’s cotton imports surged by 12.5 per cent to $1,309.078 million in January-May 2024 compared to the same period in 2023. The volume of imported cotton was 656,001 tons, marking a 28.2 per cent increase year-on-year. The country imported 489,114 tons of yarn, worth $1,052.265 million, reflecting a 20.0 per cent rise in value and an 18.2 per cent increase in volume. Fabric imports totalled $5.918 billion, up by 11.0 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)