Vietnam textile & garment exports at $30.659 bn in Jan-Oct 2021

Vietnam earned $30.659 billion from textile and garment exports in the first ten months of 2021. Of this, yarn exports accounted for $4.564 billion while fabric and garment exports were valued at $26.091 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 by 5.5 per cent year-on-year to $26.091 billion during January-October 2021. Of this, the US accounted for a major share totalling $12.803 billion, followed by Japan and South Korea with exports to these countries valued at $2.569 billion and $2.463 billion, respectively.

Vietnam also exported 1,611,383 tons of yarn, registering a rise of 16.4 per cent year-on-year by volume, according to the data. This was valued at $4.564 billion, registering a surge of 55.0 per cent. Of this, China imported around 54 per cent or $2.466 billion, followed by $56.164 million by India.

In 2020, Vietnam’s textile and garment exports earned $33.546 billion, registering a decline of 9.35 per cent over $37.009 billion exports in the previous year. While yarn exports were down 10.5 per cent to $3.736 billion, fabric and garment exports decreased by 9.2 per cent to $29.809 billion.

For 2021, Vietnam has set a target to earn $39 billion from its textiles and garments exports, according to the Vietnam Textile and Apparel Association (VITAS).

Source: Fibre2Fashion News Desk (RKS)