Vietnam's textile & garment exports cross $20bn-mark

18 Dec '14

2 min read

The exports of textiles and apparel form Vietnam have already crossed US$ 20 billion this year, according to the preliminary data released by the Customs IT & Statistics Department, General Department of Customs, Vietnam’s Ministry of Finance.

The exports of yarn, fabric and garments fetched $21.292 billion in the first eleven months of 2014 for Vietnam. Of this, fabric and clothing exports earned $18.967 billion, growing at 16.9 per cent year-on-year, while yarn exports went up by 19.4 per cent to $2.325 billion, according to the data.

The US alone imported $8.89 billion worth of textiles and garments from Vietnam during January-November 2014. Japan and South Korea were the other main destinations for Vietnamese textiles and apparel with exports to these countries valued at $2.423 billion and $2.141 billion, respectively.

However, Vietnam imported $11.367 billion worth of textiles during the eleven-month period. Of this, cotton imports soared by 25.5 per cent year-on-year to 690,137 tons in terms of quantity, and by 20.6 per cent to $1.337 billion in terms of value.

Similarly, Vietnam’s yarn imports grew by 6.7 per cent year-on-year and 2.8 per cent by volume and value, respectively, to 673,706 tons and $1.423 billion. Fabric imports also climbed 13.5 per cent to $8.606 billion.

With $4.773 billion worth of goods, China was the largest supplier of textiles to Vietnam during the period under discussion.

Last year, Vietnam’s fabric and garment exports grew by 18.9 percent year-on-year to $17.946 billion. (RKS)

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