Garment exports to major markets rise considerably
VOV.VN - Vietnam’s garment exports to major markets such as the United States, the European Union and the Republic of Korea soared considerably in the first four months of the year thanks to high demand fueled by the global economic recovery and incentives from free trade agreements.
The General Department of Vietnam Customs reported that Vietnam’s garment exports to the United States rose 26.8% over four months to approximately US$6 billion, accounting for 59% of the country’s total export value.
Most notably, garment exports to the EU market throughout the reviewed period also surged by 34.6% year on year to nearly US$1.3 billion
Strong export growth was also recorded in the Republic of Korea, with turnover reaching US$1 billion, up 8.7%, while exports to the Japanese market endured a downward trend of 2% to US$1.05 billion compared to the same period last year.
Experts forecast that there is a positive outlook ahead for garment and textile exports to the US and EU markets that are continuing to place large export orders.
Furthermore, foreign importers tend to work directly with production units as opposed to intermediaries as part of efforts to reduce costs.
Simultaneously, customers are increasingly concerned that China's "Zero COVID" policy will negatively impact the supply sources and disrupt supply chains. Therefore, there is an increasing trend to shift orders to neighbouring countries, and Vietnam is expected to benefit from the shifting.
The enforcement of the Vietnam - Europe Free Trade Agreement (EVFTA) in August 2020 has served to create competitive advantages that can be used to accelerate exports to the EU market thanks to the 0% tariff incentives.
According to the latest statistics compiled by the General Department of Vietnam Customs, the garment and textile sector raked in US$11.83 billion from exports in January - April, up 22.2% against last year’s corresponding period.
