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T&C exports manage to avoid negative growth
04
Jan '10
Export revenue from the textile and clothing sector are expected to touch around US $9.1 billion in 2009 turning it in to the highest export revenue generator from amongst all sectors as well as the only industry not to register a negative growth rate, due to the impact of economic turmoil.

Speaking about the same, Le Quoc An, Chairman of the Vietnam Textile and Apparel Association (Vitas) said that, despite export declines in some traditional markets in 2009, exports to new markets have increased significantly as companies had diversified their export markets.

Shipments from the sector to traditional overseas markets such as the US and EU fell by 5 percent and 3.5 percent respectively, however, exports to Japan increased by 15 percent, the Republic of Korea by 67 percent, India by 60 percent and ASEAN by 29 percent.

The other big achievement by far was that garment and textile companies increasingly used domestically produced raw materials in their finished products with local content rising to 44 percent in 2009, compared to 38 percent in 2008. Fabric imports fell 6.9 percent, fibre imports by 0.3 percent and cotton imports went down by 15.3 percent.

He added by saying that the government plans to achieve $10.5 billion in export revenue this year and believes the industry will meet the target as many garment and textile companies already have export orders in hand which will last them till the end of the first half of 2010.

Fibre2fashion News Desk - India

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