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

13 Oct '24
2 min read
Vietnam's textile & garment exports rise 8.9% to $27.3 bn in Jan-Sept
Pic: Adobe Stock

Insights

  • Vietnam's textile and garment exports (excluding yarn and fibre) increased by 8.9 per cent YoY, reaching $27.34 billion from January to September, while yarn exports rose slightly by 0.1 per cent.
  • The US remained the largest market for garments, and China led in yarn imports.
  • Vietnam's cotton imports grew by 2.3 per cent.
  • Despite growth, the sector's 2024 export target was lowered to $44 billion.
Vietnam's textile and garment exports (excluding yarn and fibre) grew by 8.9 per cent year-on-year (YoY), reaching $27.34 billion between January and September 2024, according to the Customs IT and Statistics Department of the General Department of Customs under Vietnam’s Ministry of Finance. However, in September 2024, these exports fell by 26.5 per cent month-on-month to $2.97 billion.

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)

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