Garment export turnover sees increase again
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 US$3.4 billion 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 US$22.5 billion, down US$3.8 billion 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 US$10 billion, US$2.66 billion and US$2.08 billion, respectively.
According to Director of the Vietnam Chamber of Commerce and Industry (VCCI)'s Branch in Ho Chi Minh City Tran Ngoc Liem, textile exports to the US have witnessed 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 organisations and market survey organisations 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.
