Middle East ray of hope for beleaguered garment sector
January 09, 2009 - Vietnam
During the first eleven months of 2008, the export value of Vietnam's textile and garment product to UAE increased 22 percent year on year while that of footwear soared nearly threefold compared to the same period of 2007.
The government is planning to make the Middle East market including UAE, the focal point of increasing exports in 2009. In contrast to the fall in shipments of textile and garment products to the key markets, exports to UAE during the period have been able to attain high growth rates.
According to statistics of Vietnamese MOIT, in November alone, the country earned US $3.9 million from exporting textile and garment products to UAE, up 50.68 percent over October and 22 percent year on year.
Totally, the export value to this market reached $34 million in the period January-November 2008, and in the process displaying a year-on-year growth of 22 percent, which throws a ray of hope in the hearts of exporters in these depressed times.
Products which witnessed a strong growth rate in the period under review include elastic shirts, sportswear, jacket, coat, trousers, etc. However, fabric was the product that earned the highest export value of $23.4 million, up 10 percent year on year.