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Vietnam textile & garment exports earn $12.5bn in Jan-May

27 Jun '18
2 min read
Courtesy: Kaboompics .com from Pexels
Courtesy: Kaboompics .com from Pexels

Vietnam earned $12.543 billion from textile and garment exports in the first five months of 2018. Of this, yarn exports accounted for $1.628 billion while fabric and garment exports were valued at $10.914 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 15.8 per cent year-on-year to $10.914 billion during January-May 2018. Of this, the US alone accounted for nearly half or $5.146 billion, followed by Japan and South Korea with exports to these countries valued at $1.393 billion and $1.087 billion, respectively.
 
Vietnam also exported 595,096 tons of yarn, registering a growth of 15.8 per cent year-on-year by volume, according to the data. This was valued at $1.628 billion, up 18.8 per cent. Of this, China imported around 53.5 per cent or $872.345 million, followed by $58.157 million by India.
 
On the other hand, Vietnam imported 689,851 tons of cotton and 409,904 tons of yarn, valued at $1.268 billion and $956.346 million, respectively, during the five-month period under review. Fabric imports during the period were valued at $5.128 billion. Thus, Vietnam’s total spending on import of cotton, yarn and fabric amounted to $7.3549 billion, which is more than half of the value of its exports.
 
In 2017, Vietnam earned $29.631 billion from textile and garment exports. Of this, yarn exports accounted for $3.593 billion while fabric and garment exports contributed the remaining $26.038 billion.
 
For the current year, Vietnam expects to earn $33 billion in textile and apparel exports. (RKS)

Fibre2Fashion News Desk – India

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