Vietnam's textile & garment exports down 19.6% in Jan-Feb 2023

11 Mar '23

2 min read

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Vietnam's textile and garment exports decreased by 19.6 per cent in January and February 2023 to reach $4.548 billion, according to preliminary data from customs IT and statistics department, general department of customs, Vietnam’s ministry of finance. However, exports grew by 1.9 per cent in February 2023 compared to the previous month.

The US accounted for a major share of 42.98 per cent of Vietnam's textile and garment exports during this period, amounting to $1.955 billion. Japan and South Korea were the other major destinations, with exports of $536.636 million and $505.085 million, respectively.

Vietnam's yarn exports decreased by 38.4 per cent to $564.552 million compared to the same period of last year, with China importing 31.20 per cent of yarn amounting to $176.580 million, followed by India at $8.949 million. Vietnam exported 196,593 tons of yarn, which was 28.8 per cent lower than the exports during the same period last year.

In 2022, Vietnam's textile and garment exports grew by 14.7 per cent year-on-year to $37.5 billion, against a target of $43 billion. In 2021, Vietnam's textile and garment exports earned $32.750 billion, a growth of 9.9 per cent over the exports of $29.809 billion in the previous year, while yarn exports increased by 50.1 per cent to $5.609 billion from $3.736 billion in 2020.

For 2023, Vietnam's export target for textiles, garments, and yarn is $48 billion in case of a positive market scenario, according to the Vietnam Textile and Apparel Association (VITAS).

Fibre2Fashion News Desk (KUL)

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