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Vietnam's fabric & garment exports jump 18% in Jan-May'14
18
Jun '14
The exports of fabric and garments from the Southeast Asian nation of Vietnam jumped 18 percent year-on-year to US$ 7.505 billion in the first five months of 2014, according to the preliminary data released by the Customs IT & Statistics Department, General Department of Customs, Vietnam’s Ministry of Finance.
 
With goods worth $3.685 billion, the United States was the largest importer of Vietnamese fabric and apparel during January-May 2014 period. Japan and South Korea were the other main destinations for Vietnamese fabric and clothing with exports valued at $965.373 million and $623.887 million, respectively.
 
During the five-month period, Vietnam exported 316,188 tons of yarn valued at $962.976 million, showing an increase of 18 percent and 19.6 percent year-on-year, respectively, the data showed. Of this, China accounted for 136,571 tons of yarn worth $447.73 million.
 
Turkey imported 40,374 tons of yarn from Vietnam for $96.273 million during the period under review, followed by South Korea with 26,927 tons for $78.716 million.
 
Meanwhile, Vietnam’s cotton imports soared by 33.2 percent year-on-year to 333,075 tons during the initial five months of 2014. These were valued at $659.713 million, registering a surge of 34.6 percent year-on-year.
 
Similarly, Vietnam’s yarn imports grew by 9.2 percent year-on-year and 2.2 percent by volume and value, respectively, to 293,324 tons and $615.822 million. Fabric imports also climbed 15.7 percent to $3.751 billion.
 
Last month, the Vietnam Textile and Apparel Association (VITAS) asked domestic enterprises to explore importing yarn and fabric from other countries like India, Indonesia, Malaysia, South Korea and Thailand, in order to reduce dependence on China, the main supplier of these materials to Vietnam.
 
Last year, Vietnam’s fabric and garment exports grew by 18.9 percent year-on-year to $17.946 billion, and if the current trend continues, the country’s fabric and garment exports are likely to touch the $20 billion mark this year.
 

Fibre2fashion News Desk - India

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