Apparel exports on an upward trend

05 Aug '10

1 min read

In the first seven months of the current year, Vietnam garnered US $5.87 billion through apparel exports, showing a year-on-year increase of 17.4 percent. It has also witnessed export growth in most of its markets over the corresponding period of previous fiscal, revealed Vietnam Garments and Apparel Association (Vitas).

The Republic of Korea (RoK) imported highest garments from Vietnam with an 80 percent growth rate due to tariff reduction alike the ASEAN-RoK Free Trade Agreement. ASEAN, US and Japan followed RoK in this trend with a growth rate of 30 percent, 23 percent and 15 percent, respectively.

Moreover, along with finished products, some of the local firms have also started shipping raw materials, such as fibres, to overseas markets. Few local firms have also received export orders for the third quarter and some for the whole year. Also, the prices of the products are witnessing y-o-y increase of 10-15 percent.

Le Quoc An, Chairman of Vitas offered the above statistics and further added that, the garment industry of Vietnam is expected to attain its annual target of $10.5 billion in export turnover, comprising $1.8-1.9 billion revenue from fibres.

Fibre2Fashion News Desk - India

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