VOV.VN - Vietnam produced a trade surplus of US$3.96 billion during the first eight months of the year to gradually regain its pre-pandemic growth.

Vietnam has surpassed the Republic of Korea to become the world’s sixth largest fibre and yarn exporter after shipping abroad US$2.37 billion worth of these items in the first five months of 2022.

Although textile export was riding high in the first half of the year with a growth of 23%, insiders are pessimistic that the rest of 2022 will not match up.

Textile and garment export turnover in the first six months of 2022 is estimated to increase 23% on-year to about US$22 billion, reaching the highest level ever, according to the Vietnam Textile and Apparel Association.

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.

Vietnamese producers have been put under pressure because of the complex developments of the pandemic, but, in risks, opportunities always exist.

Vietnam overtook Bangladesh as the world’s second largest exporter of ready-made garments (RMG), with a turnover of US$29.8 billion, according to the World Trade Organisation.

Vietnam’s textile and garment exports grew 9% to over US$9.5 billion in the first four months of 2021, with shipments of cord fabric and fibre and yarn increasing 35.7% and 43.4%, respectively, year-on-year.

Vietnamese manufacturers and exporters are struggling to cope with rising material prices despite posting high export volumes in the first four months of the year.

Garment products from Vietnam and Taiwan (China) will be showcased at the Vietnam-Taiwan Textile and Garment Industry Exhibition held in HCM City from April 26-27.