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Vietnam's garment, textile exports likely to suffer a setback
Nov '11
Textile and garment exports from Vietnam are likely to suffer a setback as the industry may face difficulties in getting new export contracts from major destinations like the EU and the US, owing to debt crisis in those countries.

Textile and garment exporters state that an approximate fall of 15 to 20 percent has been witnessed in export orders during last month, over last year's corresponding period.

Several exporters, particularly the small-and medium-sized ones experienced a drop in export orders over past few months and are expecting the same trend to continue even in the first quarter of next year.

According to the Ministry of Industry and Trade (MoIT) statistics, textile and garment exports plummeted from over US$ 1.5 billion in August 2011 to US$ 1.3 billion in October 2011.

The current public debt crisis in the US and the EU, two of the Vietnam's major export destinations, would adversely affect Vietnam's exports in the coming months, MoIT said in a report.

The report further states that in order to balance the losses suffered by them in the EU and the US, the local textile and garment exporters are trying to explore new markets like Africa, South Korea, Australia and Canada. However, it is not an easy job to counter severe competition extended by low-priced Indian and Indonesian goods.

Fibre2fashion News Desk - India

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