Garment export turnover sees increase again
The textile and garment industry shows numerous signs of recovery and opportunities for stronger growth. (Photo: VNA)
Despite a continued decrease in export turnover in the first eight months compared to the same period last year, the textile and garment industry has shown numerous signs of recovery and opportunities for stronger growth in the remaining months of 2023.
Textile and garment exports totaled 3.4 billion USD in August, up 5.5% month on month, marking the fourth consecutive month the turnover has increased compared to the previous month.
Customs data showed that in the Jan – August period, the country's textile export turnover reached only 22.5 billion USD, down 3.8 billion USD or 14.4% year-on-year.
The export values to the US, the European Union (EU), and the Republic of Korea (RoK) - the key importers of Vietnam, recorded decreases of 22.4%, 11.9%, and 3% in the period, reaching only 10 billion USD, 2.66 billion USD and 2.08 billion USD, respectively.
Textile and garment exports totaled 3.4 billion USD in August. - Illustrative image (Photo: VNA)
According to the Director of the Vietnam Chamber of Commerce and Industry (VCCI) Branch in Ho Chi Minh City Tran Ngoc Liem, textile exports to the US have witnessed a remarkable recovery in recent months.
The recent visit to Vietnam by US President Joe Biden, and the upgrade of bilateral relations to a comprehensive strategic partnership between the two countries offer good opportunities for Vietnam’s exports in general and its textile and garment exports in particular, he said.
Statistics from international organizations and market survey organizations showed that the US’s stockpile has decreased sharply, so US companies are likely to import commodities from many countries, including Vietnam.
The Latin American market is also seen as a potential market for Vietnamese strong exports such as textiles, footwear, processed farm produce, consumer goods, and electronics.
According to Vo Hong Anh, Deputy Director of the European-American Market Department under the Ministry of Industry and Trade (MoIT), there is ample room for Vietnam’s textile and footwear industries to penetrate deeply into Peru, Chile, and Mexico./.
Related News
To maintain its billion-dollar export position, forestry and fisheries enterprises propose additional credit limits
06:15 | 28/04/2024 Import-Export
Risk prevention solutions for processing and export manufacturing businesses
07:52 | 29/04/2024 Regulations
Opportunity for exporting to Thailand market
14:48 | 27/04/2024 Import-Export
Latest News
Central Highlands needs to develop border gate economic zones for higher export
16:41 | 29/04/2024 Import-Export
RoK burgeoning market for Vietnam’s agro-forestry-fisheries exports
16:37 | 29/04/2024 Import-Export
Developing a strong brand contributes to increased export revenue
07:49 | 29/04/2024 Import-Export
Export turnover reaches over US$200 billion in the first half of April
15:04 | 28/04/2024 Import-Export
More News
Experts call for efforts in protecting IP rights
15:02 | 28/04/2024 Import-Export
Policies needed to encourage e-commerce to embrace circular economy
15:00 | 28/04/2024 Import-Export
Efforts to supply US $ one billion of raw materials and cosmetics to replace imported goods
06:14 | 28/04/2024 Import-Export
Ample room for Quang Ninh to attract FDI
19:47 | 27/04/2024 Import-Export
Vietnam’s rice exports may exceed 2024 target
19:46 | 27/04/2024 Import-Export
Enterprises want clearer regulations on seafood production
14:05 | 26/04/2024 Import-Export
Vietnam ranks fifth among aquatic product suppliers for Singapore
13:53 | 26/04/2024 Import-Export
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Your care
Central Highlands needs to develop border gate economic zones for higher export
16:41 | 29/04/2024 Import-Export
RoK burgeoning market for Vietnam’s agro-forestry-fisheries exports
16:37 | 29/04/2024 Import-Export
Developing a strong brand contributes to increased export revenue
07:49 | 29/04/2024 Import-Export
Export turnover reaches over US$200 billion in the first half of April
15:04 | 28/04/2024 Import-Export
Experts call for efforts in protecting IP rights
15:02 | 28/04/2024 Import-Export