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Apparel exports post scorching growth
29
Jun '10
Le Quoc An, Chairman, Viet Nam Textile and Apparel Association (VITAS) informed that, the apparel and textile industry, within the first six months of this fiscal, has earned US $4.8 billion from exports.

The sectors income generated is about 17.2 percent more than the corresponding period a year ago. Further more, Le also added that, the industry earned an export turnover of $800 million in June alone.

As of now, the garment industry is Vietnam's biggest export earner, as its export turnover, during the first half of this fiscal was $1.7 billion more as compared to the earnings generated by selling crude oil, which is Vietnam's second biggest commodity for exports.

Vietnam's trade with US witnessed a rise of 15 percent, in the first two quarters of this year, as against the same period, a year ago, while the country's trade with Japan too surged by over 10 percent. Exports of apparels to European markets also recorded a slight rise.

As per VITAS, country's garment goods sum to about 2.7 percent market share of the world's net clothing trade. In the US and Japan alone, Vietnamese export items have a market share of 7.4 percent and 4 percent, respectively, which is second only to China.

Of the yearly target of $10.5 billion, the apparel sector has already achieved 47 percent and according to Le the remaining will soon be met with.

More so, Le is also hopeful that the industry will continue to sustain its upward trend for the remaining of the year, as many local garment exporters have gained order contract, which are likely to be met with, by year-end. In the last year, prices have also surged by about 10 percent.

Meanwhile, Le cited that, the industry has to immediately chalk out a solution to solve the industry's dearth in labourers at industrial parks and export processing zones.

As of now, Le said that, VITAS is continuously pushing its members to shift their firm to provinces and rural areas, wherein more workforces could be employed.

In order to slowly lessen its dependency on imports, the industry is also intending to raise its usage of domestically manufactured goods. As per the General Statistics Office, Vietnam, in the first five months of the year, has already spent about $3.7 billion on imported material, for its apparel and shoe producing sectors.

Fibre2Fashion News Desk - India

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