Vietnam textile & garment exports at $20.8 bn in Jan-July

Fabric and garment exports from the Southeast Asian nation increased at 10.8 per cent year-on-year to $18.402 billion during January-July 2019. Of this, the US alone accounted for nearly half or $8.486 billion, followed by Japan and South Korea with exports to these countries valued at $2.151 billion and $1.732 billion, respectively.

Vietnam also exported 947,714 tons of yarn, registering a growth of 11.1 per cent year-on-year by volume, according to the data. This was valued at $2.398 billion, up 2.6 per cent. Of this, China imported around 57 per cent or $1.372 billion, followed by $78.766 million by India.

On the other hand, Vietnam imported 942,714 tons of cotton and 626,315 tons of yarn, valued at $1.730 billion and $1.430 billion, respectively, during the seven-month period under review. Fabric imports during the period were valued at $7.722 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $10.882 billion, which is more than half of the country's total exports.

In 2018, Vietnam earned $34.513 billion from textile and garment exports. Of this, yarn exports accounted for $4.025 billion while fabric and garment exports contributed the remaining $30.488 billion.

For the current year, Vietnam expects to earn $40 billion in textile and apparel exports. (RKS)

ALCHEMPro News Desk – India