Vietnam's fabric and garment exports grow 16.8% in 2014

20 Jan '15

2 min read

Fabric and garment exports from the Southeast Asian nation of Vietnam grew at 16.8 per cent year-on-year to US$ 20.948 billion last year, according to the preliminary data released by the customs IT & statistics department, general department of customs, Vietnam’s ministry of finance.

In addition, Vietnam also exported 858,494 tons of yarn fetching $2.542 billion during the year, registering an increase of 19.2 per cent and 18.3 per cent year-on-year, respectively, according to the data. Thus, Vietnam’s total earnings from yarn, fabric and garment exports stood at $23.491 billion.

The US alone imported $9.819 billion worth of fabric and apparel from Vietnam during the year. Japan and South Korea were the other main destinations for Vietnamese fabric and clothing with exports valued at $2.623 billion and $2.092 billion, respectively.

However, Vietnam imported $12.429 billion worth of textiles during the year. Of this, cotton imports soared by 29.7 per cent year-on-year to 754,582 tons in terms of quantity, and by 23.2 per cent to $1.443 billion in terms of value.

Similarly, Vietnam’s yarn imports grew by 6.5 per cent year-on-year and 2.7 per cent by volume and value, respectively, to 740,085 tons and $1.558 billion. Fabric imports also climbed 13 per cent to $9.427 billion.

With $4.663 billion worth of goods, China was the largest supplier of fabric to Vietnam during the period under discussion.

In 2013, Vietnam’s fabric and garment exports grew by 18.9 percent year-on-year to $17.946 billion.

Besides the 12-nation Trans-Pacific Partnership (TPP) agreement, which includes the US and Japan, Vietnam has either signed or in the final stages of negotiations for FTA with the EU, South Korea, and the Customs Union of Belarus, Kazakhstan and Russia. These FTAs are likely to benefit the Vietnamese textile and apparel sector. However, as the figures show, Vietnam is dependent on imports for more than 50 per cent of raw material used in the textile and garment industry. (RKS)

Fibre2fashion News Desk - India

More Textiles News - Vietnam...