Vietnam's textile & garment exports earn $6.4bn in Q1

Fabric and garment exports from the Southeast Asian nation increased at 10 per cent year-on-year to $5.623 billion during January-March 2017. Of this, the US alone accounted for nearly 50 per cent or $2.721 billion, followed by Japan and South Korea with exports to these countries valued at $715.021 million and $617.506 million, respectively.

Vietnam also exported 295,232 tons of yarn earning $779.928 million during the three-month period, registering an increase of 23.4 per cent and 29.5 per cent year-on-year, respectively, according to the data. Of this, China imported around 55 per cent or $430.912 million, followed by $28.631 million by India.

On the other hand, Vietnam imported 323,854 tons of cotton and 202,829 tons of yarn, valued at $571.275 million and $418.435 million, respectively, during the three-month period under review. Fabric imports during the period were valued at $2.346 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $3.336 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