The General department of Customs recently released a report according to which, in the first three quarters of 2007, Vietnam exported textile and apparel products worth US $58.8 million to Korea. This represents a climb of 7.6 percent compared to previous year.
However, imports turnover of the same from Korea saw 17 percent growth, totaling to $924.9 million.
This is the highest import of textile and apparel material from this particular market in years. Fabrics turn out to be biggest contributor to this expenditure, which is $581.9 million, with a year–on–year surge of 26 percent.
Other imported products include all types of fibres at $49.7 million and cotton thread with $18.6 million. Import of cotton and yarn witnessed sharp growth in these three quarters.
Experts believe that this sudden rise in the imports of raw material is a result of strong growth in exports of textile and apparel products.
While the supporting industry of Vietnam, especially the ones for textile and apparel sector has a weak capacity in regards to production, leading to strong imports of materials to satisfy local manufacturing units.
Fibre2fashion News Desk - Vietnam