Imported raw marterials and fuel rise rapidly

Textiles and garments is one of many key industries in Vietnam that is heavily dependent on imported raw materials and accessories. Photo: T.Bình

In June 2024, imports of textile and footwear raw materials reached US$ 2.2 billion, a 16.3% decrease compared to the previous month.

Cumulative imports for this group of goods through June totaled US$ 14.71 billion, an 8.7% increase (equivalent to US$ 1.17 billion) year-on-year.

China remained the largest supplier of textile and footwear raw materials to Vietnam in the first six months, with a value of US$ 7.76 billion, accounting for 53% of the country's total imports for this group of goods.

Other major suppliers included Taiwan (China) with US$ 1.4 billion; South Korea with US$ 1.3 billion; and the United States with US$ 961 million.

Regarding the fuel group (coal, crude oil, petroleum), in June, Vietnam imported 8.4 million tons of fuel, with a total value of US$ 2.11 billion.

In the first six months, Vietnam imported 47.25 million tons of fuel, with a total value of US$ 13.88 billion, representing a 29.9% increase in volume and a 14.1% increase in value year-on-year.

Of this total, coal accounted for 33.43 million tons, a 38.6% increase; crude oil accounted for 6.81 million tons, a 16.1% increase; and petroleum products accounted for 5.44 million tons, a 4.3% increase.

The majority of fuel imports originated from Indonesia with 14.34 million tons, a 60% increase; Australia with 8.2 million tons, a 23% decrease; and Kuwait with 6.1 million tons, a 23.2% increase."