Vietnam's textile & garment exports rise 8.9% to $27.3 bn in Jan-Sept

Meanwhile, Vietnam’s yarn exports increased slightly by 0.1 per cent year-on-year, totalling $3.25 billion. In volume terms, yarn exports rose by 3.7 per cent, with the country exporting 1.36 million tonnes of yarn in the first nine months of 2024. However, on a month-on-month basis, yarn exports dropped by 11.6 per cent in both value and volume. In September 2024, Vietnam exported 144,272 tonnes of yarn, worth $336.56 million.

The United States remained the largest market for Vietnam’s textile and garment exports, accounting for 43.91 per cent of the total, equivalent to $12.00 billion. Japan and South Korea were also key markets, with exports amounting to $3.12 billion and $2.38 billion, respectively.

Regarding yarn exports, China was the largest buyer, accounting for 46.91 per cent of Vietnam’s total yarn shipments, valued at $1.57 billion. Yarn exports to India were valued at $46.10 million during the January to September 2024 period.

On the import side, Vietnam’s cotton imports rose by 2.3 per cent year-on-year to $2.18 billion between January and September 2024. The volume of imported cotton reached 1,108,320 tonnes, marking a 12.0 per cent year-on-year increase. The country also imported 903,379 tonnes of yarn, worth $2.00 billion, reflecting a 24.7 per cent increase in value and an 18.6 per cent rise in volume. Fabric imports totalled $10.94 billion, up 14.3 per cent year-on-year.

In 2023, Vietnam’s textile and garment sector saw a decline of around 12 per cent, dropping to $36.23 billion. Although the Vietnam Textile and Apparel Association (VITAS) had set an export target of $48 billion, the sector did not meet this goal. In 2022, the sector’s exports grew by 14.7 per cent to $37.5 billion, still falling short of the $43 billion target. In 2021, exports totalled $32.75 billion, marking a 9.9 per cent increase from $29.81 billion in 2020.

In response to the decline in global market demand, VITAS has lowered its export target for textiles, garments, and yarn to $44 billion for 2024.

Fibre2Fashion News Desk (KUL)