Vietnam's garment & textile trade surplus soars

12 Sep '12

2 min read

Posting a year-on-year rise of 24 percent, Vietnam’s textile and garment sector surplus for initial eight months of the current year grew to US$ 5.3 billion, the Vietnam Textile and Garment Association (VITAS) said.

VITAS attributed the rise in trade surplus to reduced raw material imports during the eight-month period.

Vietnam’s garment and textile exports for the period increased by 6 percent year-on year to US$ 10.8 billion, and the sector now tops the list of country’s top 10 export items, VITAS said.

During the first seven months of the current year, for which figures are available, apparel and textile exports from Vietnam to the US increased by 10.6 percent year-on-year to US$ 4.2 billion, and that to Japan by 23 percent year-on-year to over US$ 1 billion.

The rise in exports to the US and Japan would balance the drop experienced by the sector in its exports to the EU, which decreased by about 4 percent to US$ 1.3 billion from same period last year, according to VITAS.

Having already achieved exports worth US$ 10.8 billion, Vietnam’s garment and textile sector is well on course to achieve its export target of US$ 15 billion set for the current year, VITAS Secretary General Dang Phuong Dung said.

Meanwhile, aiming to tap new markets or expand in existing markets, the Ministry of Trade and Industry is launching trade promotion campaigns in Thailand, Hong Kong, Malaysia and several other countries.

Fibre2fashion News Desk - India

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