Vietnam's textile & garment exports cross $24bn till Oct

Fabric and garment exports from the Southeast Asian nation increased at 9.0 per cent year-on-year to $21.427 billion during January-October 2017. Of this, the US alone accounted for nearly half or $10.203 billion, followed by Japan and South Korea with exports to these countries valued at $2.514 billion and $2.236 billion, respectively.

Vietnam also exported 1,106,837 tons of yarn earning $2.944 billion during the ten-month period, registering an increase of 15.4 per cent and 23.0 per cent year-on-year, respectively, according to the data. Of this, China imported around 56 per cent or $1.664 billion, followed by $102.558 million by India.

On the other hand, Vietnam imported 1,108,241 tons of cotton and 717,437 tons of yarn, valued at $2.028 billion and $1.471 billion, respectively, during the ten-month period under review. Fabric imports during the period were valued at $9.257 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $12,757 billion, which is more than half of the value of its exports.

In 2016, Vietnam earned $26.770 billion from textile and garment exports. Of this, yarn exports accounted for $2.929 billion while fabric and garment exports contributed the remaining $23.841 billion.

For the current year, Vietnam has set the target of achieving $30 billion in textile and apparel exports. (RKS)

Fibre2Fashion News Desk – India