Vietnam textile & apparel exports to exceed target in 2011

03 Dec '11

2 min read

Vietnamese textile and apparel exports are likely to exceed the target set for this year, as the country exported goods worth around US$ 12.5 billion till November-end this year. Its exports are estimated to touch US$ 13.8-13.9 billion by year-end, thus surpassing the annual export target set for the year by around US$ 300-400 million and generating a trade surplus of around US$ 6.5 billion, Vietnam Textile and Apparel Association (VITAS) noted.

During the initial 10 months of the current year, Vietnam's textile and apparel exports to key destinations rose significantly. Its exports to South Korea grew by 128 percent, while those to Japan, EU and the US rose by 52 percent, 41 percent and 14 percent, respectively.

Meanwhile, export target for next year has been fixed around 10 to 12 percent higher than this year at US$ 15 billion.

Textile and apparel exports from Vietnam have grown enormously over past few decades. From a mere US$ 0.85 billion worth of exports in 1995, Vietnam's textile and apparel shipments increased to US$ 9.1 billion in 2009. In 2010, it grew to US$ 11.2 billion and this year until November, it has grown to US$ 12.5 billion.

Currently, textile and apparel exports constitute about 17 percent of Vietnam's overall exports, and have become the country's leading export items, replacing the earlier oil and natural gas exports.

Fibre2fashion News Desk - India

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