Vietnam's textile & garment exports fall 15.6 per cent in Jan-May 2023

During January to May 2023, Vietnam's yarn exports decreased by 28.8 per cent to $1,688.272 million in comparison to the same period of the previous year. In terms of volume, Vietnam exported 678,293 tons of yarn, representing a 6.1 per cent decline compared to the exports during the same period last year. 

In May 2023, yarn exports gained 9.5 per cent to $390.772 million, and the quantity of yarn exports increased by 11.2 per cent to 160,310 tons during the review period. 

The US accounted for a significant share of 43.43 per cent in Vietnam's textile and garment exports, amounting to $5.498 billion during the first five months of this year. Japan and South Korea were also major destinations, with exports of $1,424.421 million and $1,142.355 million, respectively. 

In terms of yarn exports, China alone received 48.93 per cent of Vietnam's exports, totalling $826.648 million. India was also a major market for Vietnamese yarn exports, with shipments amounting to $34.382 million during the first five months of 2023. 

In 2022, Vietnam's textile and garment exports grew by 14.7 per cent year-on-year, reaching $37.5 billion, falling short of the target of $43 billion. In 2021, Vietnam's textile and garment exports amounted to $32.750 billion, a growth of 9.9 per cent compared to the previous year's exports of $29.809 billion. Yarn exports in 2022 increased by 50.1 per cent to $5.609 billion from $3.736 billion in 2020. 

According to the Vietnam Textile and Apparel Association (VITAS), in the case of a positive market scenario, Vietnam has set an export target of $48 billion for textiles, garments, and yarn in 2023. 

Fibre2Fashion News Desk (KUL)