Vietnam’s textile and clothing exports fell by 31.9% between August and September 2022, but were still higher than the same period last year. Therefore, industry experts believe that in the medium term, the country’s clothing procurement will still be will continue to grow.
Chemical fiber and cotton textile company CCFGroup released the latest data showing that Vietnam’s textile and clothing exports reached US$2.73 billion in September this year, an increase of 19.7% compared with the same period in 2021. However, as the export value in August reached a new high this year (US$4 billion), in comparison, Vietnam’s exports fell sharply by 31.9% in September.
Dr. Sheng Lu, associate professor of the Department of Fashion and Apparel at the University of Delaware in the United States, said that as of January-August 2022, Vietnam has gained additional market share in most clothing import markets, including: the United States and the European Union, Japan and Canada.
Qu added: Although the country’s rising production costs have worried investors, the amount of clothing purchased from Vietnam is likely to continue to grow in the medium term. Investors know that Vietnam is one of the priority alternatives to China in terms of sourcing countries; its textile and clothing industry, like many other countries, is booming.
Dr. Sheng Lu pointed out: With the assistance of foreign investment, Vietnam is steadily increasing local textile production capacity and reducing its dependence on imported textiles; therefore, the decline in Vietnam’s textile imports is not It represents the poor performance of the country’s textile and apparel industry. In addition, according to World Trade Organization (WTO) data, Vietnam has surpassed South Korea in 2020 and became the world’s sixth largest textile exporter (export value 10 billion US dollars). This is the first time in history.
In terms of exporting countries, most of Vietnam’s textile and clothing exports are to the United States, with a value of US$980 million, to Japan US$380 million, and to South Korea US$378 million; the three countries Accounting for 36%, 14.1% and 14% of Vietnam’s total textile and clothing exports respectively.
The latest data from Vietnam’s General Administration of Customs in early October showed that textile and clothing exports reached US$27.5 billion from January to September this year, compared with US$22.2 billion in the same period last year. Although it has grown compared with last year, the value of textile and clothing exports has dropped by 44.8% compared with the same period as of August this year. In addition, the value of footwear exports increased to US$17.12 billion from US$12.93 billion in the same period last year.
