Vietnam's textile & garment exports rise 4.6% to $16.6 bn in H1 2024

24 Jul '24

2 min read

Vietnam's textile & garment exports rise 4.6% to $16.6 bn in H1 2024

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Insights

In H1 2024, Vietnam's textile and garment exports increased by 4.6 per cent to $16.522 billion, with June exports rising 14.4 per cent month-on-month.
Yarn exports grew 4.5 per cent to $2.161 billion, though June saw a month-on-month decline.
The US was the largest market, accounting for 43.63 per cent of textile exports.
Cotton and yarn imports also surged.

Vietnam’s textile (excluding yarn and fibre) and garment exports rose by 4.6 per cent year-on-year to $16.522 billion in January-June (H1) 2024, as reported by the Customs IT and Statistics Department of the General Department of Customs under Vietnam’s Ministry of Finance. In June 2024, these exports increased by 14.4 per cent month-on-month to $3.159 billion.

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)

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