At the same time, Vietnam’s yarn exports saw a 1.4 per cent year-on-year rise, totalling $2.92 billion. In terms of volume, yarn exports increased by 4.9 per cent, with the country exporting 1.22 million tonnes of yarn in the first eight months of 2024. Month-on-month, yarn exports grew by 1.9 per cent in value and 2.0 per cent in volume. In August 2024, Vietnam exported 163,199 tonnes of yarn, valued at $380.79 million.

The United States remained the largest market for Vietnam’s textile and garment exports, accounting for 44.27 per cent of the total, equivalent to $10.78 billion. Japan and South Korea were also key markets, with exports of $2.75 billion and $2.05 billion, respectively.

In terms of yarn exports, China was the largest recipient, making up 48.26 per cent of Vietnam’s total yarn shipments, valued at $1.41 billion. Yarn exports to India were worth $41.22 million during the January-August 2024 period.

On the import side, Vietnam’s cotton imports rose by 2.8 per cent year-on-year to $1.97 billion from January to August 2024. The volume of imported cotton reached 990,355 tonnes, marking a 12.4 per cent year-on-year increase. The country also imported 807,231 tonnes of yarn, worth $1.78 billion, reflecting a 25.9 per cent increase in value and a 20.0 per cent rise in volume. Fabric imports totalled $9.69 billion, up 14.2 per cent.

In 2023, Vietnam’s textile and garment sector experienced a decline of around 12 per cent, falling to $36.23 billion. Although the Vietnam Textile and Apparel Association (VITAS) set an export target of $48 billion, the sector fell short. In 2022, the sector’s exports grew by 14.7 per cent to $37.5 billion, missing the $43 billion target. In 2021, exports totalled $32.75 billion, reflecting a 9.9 per cent increase from $29.81 billion in 2020.

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

Fibre2Fashion News Desk (KUL)