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Vietnam's garment exports fall 9.07% YoY in Q1 2020
25 Apr 20 1 min read
Pic: Shutterstock
Vietnam’s garment exports fell by 9.07 per cent year on year (YoY) in the first quarter (Q1) of this year and imports by 16.59 per cent. US and European buyers have suspended or cancelled orders since mid-March, according to the Vietnam National Textile and Garment Group (Vinatex), whose first quarter revenue dropped by 7 per cent year on year.
Retail outlets in the United States and Europe are unlikely to reopen until early May at best, causing extended delays to existing orders while few new orders have been placed, Vinatex’s managing director Cao Huu Hieu was quoted as saying by a Vietnamese media report.
Most orders put on hold are for spring and summer clothing lines, while the pandemic is expected to be brought under control by Autumn at the earliest, making it highly likely these lines will be cancelled anyway, he added.
The Vietnam Textile and Apparel Association (VITAS) has forecast that the country’s textile and garment exports may shrink by 15 per cent to $33 billion this year. Globally, orders are predicted to fall 29 per cent over the course of the year.
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Retail outlets in the United States and Europe are unlikely to reopen until early May at best, causing extended delays to existing orders while few new orders have been placed, Vinatex’s managing director Cao Huu Hieu was quoted as saying by a Vietnamese media report.
Most orders put on hold are for spring and summer clothing lines, while the pandemic is expected to be brought under control by Autumn at the earliest, making it highly likely these lines will be cancelled anyway, he added.
The Vietnam Textile and Apparel Association (VITAS) has forecast that the country’s textile and garment exports may shrink by 15 per cent to $33 billion this year. Globally, orders are predicted to fall 29 per cent over the course of the year.
Fibre2Fashion News Desk (DS)
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
