Garment export this month reaches $400mn

19 May '06

2 min read

Textile and garment exports achieved a daily turnover of US$15 million, which amounted to a turnover of around $400 million for this month, reported Vietnam Textile and Apparel Association (Vitas).

From past records and favourable market conditions, Vitas says the sector stands to achieve around $2 billion worth of export revenue during first five months, this year.

Vietnam's textile and garment exports to the US amounts to 58 percent of its total export turnover making it the largest importer of such products.

The sector exported $1 billion worth of goods to the US during first four months of 2006, registering a surge of 40 percent compared to last year.

However, as far as Vietnamese market share for garments and textiles in the US is concerned, it accounts for hardly 3-4 percent, at present.

Textile industry would attain substantial export revenues from the US along with other countries after its WTO accession, experts opined.

This is further corroborated by EU market's indication to import garments valued at $350 million estimated at 70 percent rise compared to same period last year, Vitas sources informed.

Vietnam's garments and textiles exports are expected to rake in revenues worth $5.5 billion, mainly from the European Union and the United States, during 2006, recording a rise of approximately 14.6 percent compared to 2005.

Vietnam's textile enterprises won export contracts and had made provisions for raw material imports side by side, this would help the sector to maintain high growth rate ahead.

The country has achieved export of over $1.7 billion for garment and textile during first four months of this year, registering a surge of 38.7 percent compared to similar period previous year.

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