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Vietnam's textile & garment exports rise 6.7% in Jan-Apr 2024

21 May '24
2 min read
Vietnam's textile & garment exports rise 6.7% in Jan-Apr 2024
Pic: Adobe Stock

Insights

  • Vietnam's textile and garment exports (excluding yarn and fibre) rose by 6.7 per cent year-on-year to $10.416 billion from January to April 2024.
  • Yarn exports increased by 8.8 per cent to $1.411 billion.
  • The US, Japan, and South Korea were major markets, while China was the top destination for yarn.
  • On the other hand, cotton imports surged by 17.3 per cent.
Vietnam’s textile (excluding yarn and fibre) and garment exports rose by 6.7 per cent year-on-year to $10.416 billion in January-April 2024, as reported by the Customs IT and Statistics Department of the General Department of Customs under Vietnam’s Ministry of Finance. In April 2024, however, exports decreased by 2.5 per cent month-on-month to $2.596 billion, after a strong rebound in March 2024 over the previous month.

Simultaneously, Vietnam’s yarn exports saw a 8.8 per cent increase year-on-year to $1,411.348 million. In terms of volume, there was a 14.1 per cent rise, with the country exporting 590,767 tons of yarn in the first four months of 2024. On a month-on-month basis, yarn exports eased by 8.2 per cent in value and 6.8 per cent in volume.

The US remained the main market for Vietnam’s textile and garment exports, accounting for 42.28 per cent of the total, equivalent to $4.404 billion. Japan and South Korea were also significant markets, with exports amounting to $1,256.883 million and $1,014.018 million, respectively.

In terms of yarn exports, China was the largest recipient, accounting for 48.19 per cent of Vietnam’s total yarn shipments, valued at $680.569 million. Yan exports to India were worth $18.991 million in January-April 2024.

In terms of in-bound trade, Vietnam’s cotton imports surged by 17.3 per cent to $999.910 million in January-April 2024 compared to the same period in 2023. The volume of imported cotton was 504,198 tons, marking a 37.7 per cent increase year-on-year. The country imported 378,018 tons of yarn, worth $805.986 million, reflecting an 18.6 per cent rise in value and a 16.3 per cent increase in volume. Fabric imports totalled $4.492 billion, up by 8.6 per cent.

In 2023, Vietnam’s textile and garment sector witnessed a decline of around 12 per cent to $36.230 billion. Although the Vietnam Textile and Apparel Association (VITAS) had set an export target of $48 billion, this goal was not met. In 2022, the sector’s exports grew by 14.7 per cent year-on-year to $37.5 billion, falling short of the $43 billion target. In 2021, exports in this sector reached $32.750 billion, a 9.9 per cent increase from 2020’s $29.809 billion.

Due to a decrease in global market demand, VITAS has lowered the export target for textiles, garments, and yarn to $44 billion for 2024.

Fibre2Fashion News Desk (KUL)

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