Chunk of apparel exports to come from new markets
October 01, 2009 - Vietnam
According to the Vietnam Textile and Apparel Association (VITAS), an estimated 5 percent of overall exports from the sector will be dispatched to new markets in the current year.
The trade body said that clothing exporters had been able to win contracts from new markets like Egypt and Turkey along with Japan, with which the country has signed a Free Trade Agreement (FTA).
The countries of the Middle East and Russia also accounted among the new markets from which the exporters had been able to bag orders and hoped that these new markets would help compensate the loss in orders from its traditional markets.
In the initial months the sector had set a target of US $10.2 billion for 2009, but had later revised it to $9.5 billion, considering that shipments from the industry could reach only $5 billion in the first seven months of 2009.
The Chairman of VITAS said that in order to develop more new markets like South America, the African continent and Asian countries, they would need to undertake more trade promotion drives.