Vietnam's textile & garment exports fall 14.4% to $22.5 bn in Jan-Aug

During the same period, Vietnam's yarn exports decreased by 16.6 per cent year-on-year to $2,848.585 million. However, in terms of volume, the country saw an increase, exporting 1,162,782 tons of yarn, which marks a 6.8 per cent rise compared to the same period the previous year. 

In August 2023, yarn exports increased by 11.3 per cent to $427.461 million, and the volume of yarn exports also increased by 12.1 per cent to 174,205 tons. 

The US was the destination for a significant 44.41 per cent of Vietnam's textile and garment exports in the first eight months of the year, amounting to $9.996 billion. Japan and South Korea followed as key markets, with exports reaching $2,578.611 million and $2,080.453 million, respectively. 

Regarding yarn exports, China accounted for 53.16 per cent of Vietnam's output, amounting to $1,514.725 million. India was another significant recipient, with the value of shipments reaching $51.373 million in the first eight months of 2023. 

On the other hand, Vietnam's imports of cotton reached $1,916.666 million, representing a decline of 24.8 per cent from January to August 2023. The imported volume was recorded at 880,664 tons during the same period, a decrease of 4.3 per cent compared to the same timeframe last year. The country also imported 672,686 tons of yarn valued at $1,416.115 million, marking a decrease of 23.8 per cent in value and 8.1 per cent in volume. Additionally, fabric imports totalled $8,478.002 million, reflecting a decline of 17.8 per cent. 

In August 2023, the imports of cotton and yarn were documented at $245.156 million (121,869 tons) and $181.360 million (84,563 tons) respectively. While yarn imports increased by 8.5 per cent, the inbound shipments of cotton decreased by 8 per cent compared to the previous month. Moreover, fabric imports saw a rise, increasing by 11.4 per cent to reach $1,084.049 million during the same period. 

In 2022, Vietnam's textile and garment exports expanded by 14.7 per cent year-on-year, hitting $37.5 billion, but failing to meet the targeted $43 billion. The previous year, in 2021, the exports in this sector amounted to $32.750 billion, registering a growth of 9.9 per cent compared to 2020's figure of $29.809 billion. Moreover, yarn exports experienced a substantial increase in 2022, soaring by 50.1 per cent to reach $5.609 billion, up from $3.736 billion in 2020. 

According to the Vietnam Textile and Apparel Association (VITAS), assuming a positive market scenario, Vietnam has established an export target of $48 billion for textiles, garments, and yarn in 2023. 

Fibre2Fashion News Desk (KUL)