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Garments become Vietnam's top export item
05
Apr '12
Apparel and textile exports have become the biggest foreign exchange earner for Vietnam.

As per the data released by the General Statistics Office, registering a year-on-year rise of 15.4 percent, Vietnam's garment and textile exports were worth US$ 3.23 billion during the first quarter of the current year, making them the country's largest export earner.

During the month of March itself, textile and garments worth US$ 1.15 billion were shipped from the country.

According to the Office, the country's clothing and textiles export growth is quite impressive, particularly when the export markets are contracting due to global economic crisis.

As stated by the Vietnam Textile and Apparel Association (Vitas), the country achieved a steady growth in textile and clothing item exports to traditional markets like the US and Japan during the first quarter of the current year.

With around 52 percent share in Vietnam's overall textile and garment exports, US remained the leading destination for Vietnam's exports during the quarter.

Vitas expects exports to the US to remain positive in the coming months, as unemployment figures in that market are reducing, which is a sign of economic revival.

Vietnam's clothing and textile exports to Japan increased by over 30 percent year-on-year during January-March quarter, as Vietnamese exporters continue to gain from the duty reduction earned under the Vietnam-Japan Economic Partnership Agreement inked in 2009.

In spite of the positive growth achieved by the country's garment and textile sectors, Vitas is worried about the slow moving exports to the EU markets due to eurozone crisis. Though exports to the EU grew by 3.5 percent year-on-year during first quarter, they were far below the last year's growth rate of 33 percent.

In order to offset the export loss to the EU, the Vietnamese exporters are now accelerating their exports to other markets like Russia, Chile, South Korea, Brazil and New Zealand.

Persuaded by the tax reduction benefits available under the ASEAN-South Korea Free Trade Agreement, Vietnamese textile and garment exports to South Korea posted an impressive 55 percent y-o-y growth during the three-month period.

Fibre2fashion News Desk - India


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