Vietnam's textile & garment exports cross $10bn till May

Fabric and garment exports from the Southeast Asian nation increased at 9.1 per cent year-on-year to $9.390 billion during January-May 2017. Of this, the US alone accounted for nearly 50 per cent or $4.578 billion, followed by Japan and South Korea with exports to these countries valued at $1.136 billion and $891.810 billion, respectively.

Vietnam also exported 514,090 tons of yarn earning $1.371 billion during the five-month period, registering an increase of 17.8 per cent and 27.6 per cent year-on-year, respectively, according to the data. Of this, China imported around 55 per cent or $766.612 million, followed by $48.144 million by India.

On the other hand, Vietnam imported 563,854 tons of cotton and 353,353 tons of yarn, valued at $1.018 billion and $729.637 million, respectively, during the five-month period under review. Fabric imports during the period were valued at $4.475 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $6.224 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