Vietnam's textile & garment exports rise 6.3% to $20.2 bn in Jan-July

Simultaneously, Vietnam’s yarn exports saw a 3.5 per cent year-on-year increase to $2,536.780 million. In terms of volume, there was a 6.8 per cent rise, with the country exporting 1,055,614 tons of yarn in the first seven months of 2024. On a month-on-month basis, yarn exports increased by 8.8 per cent in value and 10.6 per cent in volume during the latest month. In July 2024, the country exported 159,954 tons of yarn, valued at $373.731 million.

The US remained the main market for Vietnam’s textile and garment exports, accounting for 44.02 per cent of the total, equivalent to $8.926 billion. Japan and South Korea were also significant markets, with exports amounting to $2,296.560 million and $1,632.051 million, respectively.

Regarding yarn exports, China was the largest recipient, accounting for 48.38 per cent of Vietnam’s total yarn shipments, valued at $1,227.217 million. Yarn exports to India were worth $35.462 million from January to July 2024.

In terms of inbound trade, Vietnam’s cotton imports increased by 2.7 per cent to $1,717.436 million from January to July 2024 compared to the same period in 2023. The volume of imported cotton was 858,922 tons, marking a 13.1 per cent year-on-year increase. The country imported 692,780 tons of yarn, worth $1,520.118 million, reflecting a 23.1 per cent rise in value and a 17.8 per cent increase in volume. Fabric imports totalled $8.444 billion, up by 14.2 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)