Vietnam textile & garment exports at $14.791 bn in H1 2020

24 Jul '20

2 min read

Pic: Jimmy Tran / Shutterstock.com

Vietnam earned $14.791 billion from textile and garment exports in the first six months of 2020. Of this, yarn exports accounted for $1.609 billion while fabric and garment exports were valued at $13.181 billion, according to the preliminary data released by the customs IT & statistics department, general department of customs, Vietnam’s ministry of finance.

Fabric and garment exports from the Southeast Asian nation decreased by 12.7 per cent year-on-year to $13.181 billion during January-June 2020. Of this, the US alone accounted for nearly half or $6.187 billion, followed by Japan and South Korea with exports to these countries valued at $1.646 billion and $1.210 billion, respectively.

Vietnam also exported 730,535 tons of yarn, registering a decline of 8.4 per cent year-on-year by volume, according to the data. This was valued at $1.609 billion, down 20.7 per cent. Of this, China imported around 57 per cent or $914.283 million, followed by $16.923 million by India.

On the other hand, Vietnam imported 781,169 tons of cotton and 479,432 tons of yarn, valued at $1.261 billion and $964.206 million, respectively, during the six-month period under review. Fabric imports during the period were valued at $5.521 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $7.747 billion, which is more than half of the country's total exports.

In 2019, Vietnam earned $37.009 billion from textile and garment exports. Of this, yarn exports accounted for $4.177 billion while fabric and garment exports contributed the remaining $32.832 billion.

For the 2020-2025 period, Vietnam's garment sector is aiming at an average annual six per cent growth.

Fibre2Fashion News Desk (RKS)

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