Vietnam's textile & garment exports earn $7.3 bn in Q1

Fabric and garment exports from the Southeast Asian nation increased at 14.9 per cent year-on-year to $6.425 billion during January-March 2018. Of this, the US alone accounted for nearly half or $3.036 billion, followed by Japan and South Korea with exports to these countries valued at $855.437 million and $708.599 million, respectively.

Vietnam also exported 337,009 tons of yarn, registering a growth of 14.2 per cent year-on-year by volume, according to the data. This was valued at $914.257 million, up 17.3 per cent. Of this, China imported around 52 per cent or $478.171 million, followed by $34.424 million by India.

On the other hand, Vietnam imported 408,814 tons of cotton and 231,838 tons of yarn, valued at $740.361 million and $522.935 million, respectively, during the three-month period under review. Fabric imports during the period were valued at $2.665 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $3.928 billion, which is more than half of the value of its exports.

In 2017, Vietnam earned $29.631 billion from textile and garment exports. Of this, yarn exports accounted for $3.593 billion while fabric and garment exports contributed the remaining $26.038 billion.

For the current year, Vietnam expects to earn $33 billion in textile and apparel exports. (RKS)

Fibre2Fashion News Desk – India