During the period of January to April 2023, Vietnam's yarn exports decreased by 32.9 per cent to $1,297.751 million in comparison to the same period of the previous year. In terms of volume, Vietnam exported 518,035 tons of yarn, representing an 11.7 per cent decline compared to the exports during the same period last year. In April 2023, yarn exports fell by 5.2 per cent to $356.713 million, and the quantity of yarn exports decreased by 4.7 per cent to 144,166 tons during the review period. 

The US accounted for a significant share of 42.89 per cent in Vietnam's textile and garment exports, amounting to $4.159 billion during the first four months of this year. Japan and South Korea were also major destinations, with exports of $1,129.441 million and $990.407 million, respectively. 

In terms of yarn exports, China alone received 47.03 per cent of Vietnam's exports, totalling $610.604 million. India was also a major market for Vietnamese yarn exports, with shipments amounting to $12.400 million during the first four 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)