Simultaneously, Vietnam’s yarn exports saw a 4.5 per cent increase year-on-year to $2,161.028 million. In terms of volume, there was a 7.4 per cent rise, with the country exporting 895,355 tons of yarn in the first six months of 2024. On a month-on-month basis, yarn exports decreased by 8.8 per cent in value and 10.6 per cent in volume. The country exported 141,510 tons of yarn in June 2024, valued at $352.537 million.

The US remained the main market for Vietnam’s textile and garment exports, accounting for 43.63 per cent of the total, equivalent to $7.209 billion. Japan and South Korea were also significant markets, with exports amounting to $1,874.987 million and $1,355.212 million, respectively.

Regarding yarn exports, China was the largest recipient, accounting for 48.58 per cent of Vietnam’s total yarn shipments, valued at $1,050.678 million. Yarn exports to India were worth $28.259 million in January-June 2024.

In terms of inbound trade, Vietnam’s cotton imports surged by 6.5 per cent to $1,498.091 million in January-June 2024 compared to the same period in 2023. The volume of imported cotton was 748,255 tons, marking an 18.8 per cent increase year-on-year. The country imported 586,216 tons of yarn, worth $1,275.930 million, reflecting a 19.5 per cent rise in value and a 15.0 per cent increase in volume. Fabric imports totalled $7.243 billion, up by 12.7 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)