Apparel industry overtakes oil in export value

21 Nov '09

2 min read

Apparel and textile industry of Vietnam has become the leading export industry of the country surpassing crude oil. The country exported around US $7.5 billion worth of apparel and textile products, mainly to the US and Europe, during first 10 months of the current year.

The Vietnamese Government estimated that apparel exports would bring in around $9.3 billion of revenue this year, up around 3 percent against that of last year. Vietnam's apparel manufacturing sector witnessed growth since the US government stopped monitoring apparel products imported from Vietnam, early this year.

In 2007, the US administration started monitoring import prices of Vietnamese apparel goods to see whether anti-dumping duties should be imposed on the goods as the government was apprehensive about Vietnam that it would dump apparel goods on the US market.

Accordingly, the US Department of Commerce reviewed five different apparel products, including trousers, shirts, underwear, swimwear and sweaters, but did not find signs of dumping.

Apparel companies of the US started importing goods in full swing from Vietnam after conclusion of monitoring process, which allowed Vietnam to become second largest supplier of apparel to the US after China.

The US imported around $5.4 billion worth of apparel and textiles from Vietnam during one-year period ending August 31, recording an increase of 3.7 percent compared to same period last year.

Fibre2fashion News Desk - India

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