Vietnam's fabric & garment exports up 6.4% in Jan-May

Destination-wise, the US alone accounted for almost 50 per cent or $4.290 billion worth of fabric and apparel exported from Vietnam during January-May 2016, followed by Japan and South Korea with exports to these countries valued at $1.035 billion and $764.896 million, respectively.

Vietnam also exported 438,172 tons of yarn earning $1.076 billion during the five-month period, registering an increase of 13.1 per cent and 3.9 per cent year-on-year, respectively, according to the data. Thus, Vietnam's total earnings from yarn, fabric and garment exports stood at $9.7 billion during the period under review.

On the other hand, Vietnam imported 444,982 tons of cotton and 337,530 tons of yarn, valued at $680.085 million and $610.729 million, respectively, during the same period.

Meanwhile, Vietnam's fabric imports increased at 2.2 per cent year over year to $4.148 billion during the first five months of this year. Thus, Vietnam's total spending on import of cotton, yarn and fabric amounted to $5.439 billion, which is around 56 per cent of the total textile export value.

At the beginning of 2016, the Vietnam National Textile and Garment Group (Vinatex) had forecast Vietnam's textile and apparel exports to grow at 8 per cent year-on-year this year. (RKS)

Fibre2Fashion News Desk – India