Vietnam's garment exports jump by 20% to $22.1 bn in Jan-Jul 2022

17 Aug '22

1 min read

Pic: Shutterstock

As exports rose by 16.1 per cent year on year (YoY) in Vietnam to $216.35 billion and imports increased by 13.6 per cent to $215.59 billion between January and July this year, the country saw a trade surplus of $764 million, according to data from the general statistic office (GSO). Garment and footwear exports jumped by nearly 20 per cent each to $22.1 billion and $14.1 billion respectively in the period.

Vietnam had run up a trade deficit of $3.31 billion in the same period last year.

The United States continued to be Vietnam’s biggest export market, followed by China, which was its top trading partner with two-way turnover of $103.1 billion.

Exports to other markets rose by 13-27 per cent. The trade surplus is low and not very likely to be sustained, GSO cautioned.

Many new markets that signed free trade agreements (FTAs) with Vietnam in America such as Canada and Mexico have also increased imports from the Southeast Asian nation.

In January-July, Vietnam’s export turnover to Canada and Mexico hit $3.23 billion and $2.4 billion, up by 31.5 per cent and 14.2 per cent YoY respectively.

Fibre2Fashion News Desk (DS)

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