Garment export turnover sees increase again: Ministry of Industry and Trade
Despite a continued decrease in export turnover in the first eight months compared to the same period last year, the textile and garment industry has shown numerous signs of recovery and opportunities for stronger growth.Textile and garment exports totaled 3.4 billion USD in August, up 5.5 per cent month on month, marking the fourth consecutive month the turnover has increased compared to the previous month.
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| Textile and garment exports totaled 3.4 billion USD in August. |
Customs data showed that in the Jan – August period, the country's textile export turnover reached only 22.5 billion USD, down 3.8 billion USD or 14.4 per cent year-on-year.
The export values to the US, the European Union (EU), and the Republic of Korea (RoK) - the key importers of Vietnam, recorded decreases of 22.4 per cent, 11.9 per cent, and 3 per cent in the period, reaching only 10 billion USD, 2.66 billion USD, and 2.08 billion USD, respectively.
According to the Director of the Vietnam Chamber of Commerce and Industry (VCCI) Branch in Ho Chi Minh City Tran Ngoc Liem, textile exports to the US have witnessed a remarkable recovery in recent months.
The recent visit to Vietnam by US President Joe Biden, and the upgrade of bilateral relations to a comprehensive strategic partnership between the two countries offer good opportunities for Vietnam’s exports in general and its textile and garment exports in particular, he said.
Statistics from international organizations and market survey organizations showed that the US’s stockpile has decreased sharply, so US companies are likely to import commodities from many countries, including Vietnam.
The Latin American market is also seen as a potential market for Vietnamese strong exports such as textiles, footwear, processed farm produce, consumer goods, and electronics.
According to Vo Hong Anh, Deputy Director of the European-American Market Department under the Ministry of Industry and Trade (MoIT), there is ample room for Vietnam’s textile and footwear industries to penetrate deeply into Peru, Chile, and Mexico.
(Source: VNA)
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