Vietnam's textile & garment exports earn $26.77bn in 2016

15 Feb '17

2 min read

Vietnam earned $26.770 billion from textile and garment exports in 2016. Of this, yarn exports accounted for $2.929 billion and fabric and garment exports contributed the remaining $23.841 billion, according to the preliminary data released by the customs IT & statistics department, general department of customs, Vietnam’s ministry of finance.

Fabric and garment exports from the Southeast Asian nation increased at 4.6 per cent year-on-year to $23.841 billion last year. Of this, the US alone accounted for nearly 50 per cent or $11.450 billion, followed by Japan and South Korea with exports to these countries valued at $2.9 billion and $2.284 billion, respectively.

Vietnam also exported 1,167,071 tons of yarn earning $2.929 billion during the year, registering an increase of 21.4 per cent and 15.3 per cent year-on-year, respectively, according to the data. Of this, China imported over 55 per cent or $1.65 billion, followed by $92.206 million by India.

On the other hand, Vietnam imported 1,034,046 tons of cotton and 861,380 tons of yarn, valued at $1.662 billion and $1.608 billion, respectively, during the year under review. Fabric imports during the period were valued at $10.482 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $13.753 billion, which is more than half of its export value. (RKS)

Fibre2Fashion News Desk – India

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