Vietnam earned $13.422 billion from textile and garment exports in the first half of 2017. Of this, yarn exports accounted for $1.673 billion while fabric and garment exports were valued at $11.748 billion, according to the preliminary data released by the customs IT & statistics department, general department of customs, Vietnam’s ministry of finance.

Fabric and garment exports from the Southeast Asian nation increased at 8.5 per cent year-on-year to $11.748 billion during January-June 2017. Of this, the US alone accounted for nearly 50 per cent or $5.750 billion, followed by Japan and South Korea with exports to these countries valued at $1.373 billion and $1.037 billion, respectively.

Vietnam also exported 627,149 tons of yarn earning $1.673 billion during the six-month period, registering an increase of 16.6 per cent and 26.5 per cent year-on-year, respectively, according to the data. Of this, China imported around 55 per cent or $933.499 million, followed by $58.534 million by India.

On the other hand, Vietnam imported 677,743 tons of cotton and 428,895 tons of yarn, valued at $1.231 billion and $878.874 million, respectively, during the six-month period under review. Fabric imports during the period were valued at $5.488 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $7.599 billion, which is more than half of the value of its exports.

In 2016, Vietnam earned $26.770 billion from textile and garment exports. Of this, yarn exports accounted for $2.929 billion while fabric and garment exports contributed the remaining $23.841 billion.

For the current year, Vietnam has set the target of achieving $30 billion in textile and apparel exports. (RKS)

Fibre2Fashion News Desk – India

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.