Home / Knowledge / News / Apparel/Garments / Apparel exports post scorching growth
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


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X