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Vietnam's apparel exports post 18.7% growth in Jan-Oct'13
20
Nov '13
The exports of garments and textiles from Vietnam have increased by 18.7 percent year-on-year to US$ 14.8 billion during the first ten months of the current year, according to the data released by the Ministry of Industry and Trade.
 
From January to October 2013, Vietnam’s apparel and textile exports to South Korea, Japan and the United States recorded a strong growth.
 
Canada, Brazil and Mexico were also among the countries that imported more clothing and textiles from Vietnam during the ten-month period.
 
In October 2013, Vietnam’s clothing and textiles exports grew by 30 percent year-on-year to US$ 1.75 billion.
 
If the current trend continues, industry analysts expect Vietnamese garment and textiles exports to touch US$ 19 billion this year, compared to last year’s exports of US$ 17.2 billion.
 
Vietnamese garment businesses depend heavily on import of raw materials as domestic cotton meets only 1-2 percent of demand. Similarly, local fabric production is able to meet only about 12-13 percent of the garment sector’s demand, according to Vietnam National Textile and Garment Group (Vinatex).
 
China is the largest supplier of raw materials to Vietnam, which annually imports US$ 7.5 million worth of cotton, US$ 350 million of yarn and nearly US$ 3 billion of fabric from China.
 
The Vietnamese garment companies are anticipating a boost in their exports, especially to the US market, once the Trans-Pacific Partnership (TPP) is successfully negotiated and implemented.
 
Last month, the 12 countries negotiating the TPP—Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam—announce that they are on track to complete the TPP negotiations by the end of this year.
 
Key experts and chief negotiators of the 12 countries are currently meeting in Salt Lake City, the capital of the U.S. state of Utah, and are scheduled to carryout negotiations until November 24.
 

Fibre2fashion News Desk - India

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