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Vietnamese clothing exports to S Korea skyrocket
23
Apr '11
According to the General Department of Vietnam Customs' report, during the initial three months of the current year, Vietnam's exports to South Korea grew by 121 percent to around US$1.17 billion.

There has been a rise in both, the volume as well as the value of exports.

Footwear, confectionary, garment and textiles, wooden items, seafood and coffee witnessed the highest rise in exports.

Garment and textile product exports for January and February stood at $111 million, which reflected a year-on-year rise of 134 percent.

Phong Phu Joint Stock Company's Deputy General Director, Pham Minh Huong said that, her firm exported five million dollar worth of yarns and sewing threads to South Korea during the initial three months of the current year, which is equal to around 50 percent of the firm's total exports of last year.

The ASEAN-South Korea Free Trade Area (AKFTA) agreement has benefited Vietnam, and is also a reason for the significant rise in Vietnam's exports to South Korea, she said.

Since last year, in accordance with AKTFA, South Korea has removed tariffs on imports of all the products from ASEAN member nations.

Editor's note –
There is no doubt on the effectiveness of a free trade agreement. Countries like Pakistan, India and Bangladesh should also look towards inking similar treaties with other blocs across the world, which can provide a boost to their textile and clothing exports.

Fibre2fashion News Desk - India

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