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Textile & garment sector reap rosy results in various markets
06
Oct '08
The General Statistics Office (GSO) has recently released a statistical report showing that Vietnamese textile and garment industry earned US $916 million from export in the month of August.

The figures showcase a fall of 1.65 percent over July; however, the country could achieve year-on-year growth of 15.45 percent.

It is noteworthy that during first eight months, export turnover of textile and garment products reached $6.1 billion, up by 19.06 percent over similar period previous year.

Textile and garment export to US market reached $3.4 billion, rising 85 percent over corresponding period last year. However, experts are of the opinion, that international trade crunch and the US's sharp economic recession had a severe impact on Vietnamese textile and garment sector. Thus exports growth rate to the US market is expected to slow down during the remaining 4 months of the on-going year.

On the other hand, export turnover to the EU market was $158.5 million in August, representing a fall of 19.75 percent compared to July and 4.65 percent to against similar period last year. Yet, total export figure during January to August period was $1.134 billion, up 17.12 percent on-year.

On the Asian front, in the month of August, Vietnam fetched $82 million from Japanese market, representing a rise of 4.64 percent over July and 14.16 percent over same period 2007. All together, export turnover to this region increased by 13.74 percent to reach $524 million. It is expected that Vietnam will achieve a sustainable growth rate in this market.

Similarly, export to Taiwan showcased a high growth rate on-year. Export value to this market soared by 118 percent in August and 58 percent in 8 months with a total value of $180 million.

Vietnam is aiming to reach markets like Korea, Russia, Canada in near future.

Fibre2fashion News Desk - Vietnam

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