Vietnam's textile & garment exports rise 8.8% in Jan-Mar 2024

Simultaneously, Vietnam's yarn exports saw a 12.2 per cent increase year-on-year to $1,055.710 million. In terms of volume, there was a 17.9 per cent rise, with the country exporting 440,708 tons of yarn in the first three months of 2024. On a month-on-month basis, yarn exports jumped by 33.0 per cent in value and 35.2 per cent in volume.

The US remained the main market for Vietnam's textile and garment exports, accounting for 42.12 per cent of the total, equivalent to $3.294 billion. Japan and South Korea were also significant markets, with exports amounting to $957.916 million and $801.914 million, respectively.

In terms of yarn exports, China was the largest recipient, accounting for 48.72 per cent of Vietnam's total yarn shipments, valued at $514.905 million. India also featured prominently, with yarn shipments worth $13.155 million in January-March 2024.

Regarding imports, Vietnam's cotton imports surged by 26.8 per cent to $730.243 million in January-March 2024 compared to the same period in 2023. The volume of imported cotton was 371,901 tons, marking a 53.6 per cent increase year-on-year. The country imported 273,118 tons of yarn, worth $574.024 million, reflecting a 13.6 per cent rise in value and a 13.4 per cent increase in volume. Fabric imports totalled $3.156 billion, up by 5.8 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.

Fibre2Fashion News Desk (KUL)