The U.S. Chamber of Commerce in Vietnam reported that Vietnam’s textile exports to the United States increased by 9% in 2008 compared with 2007. Compared with the 34% surge in 2007, the growth rate in 2008 slowed down significantly.
Vietnam’s textile exports to the United States have grown rapidly. After Vietnam joined the WTO in 2007, the United States canceled its quota management on Vietnam at the beginning of that year. Vietnam’s textile exports to the United States reached US$4.6 billion that year.
U.S. clothing imports from Vietnam may exceed US$5 billion in 2008, even assuming that the U.S. reduces clothing imports by 20% in the last three months of 2008.
In the first nine months of 2008, Vietnam’s textile exports to the United States increased by 22% year-on-year to US$4.07 billion, surpassing India (US$3.9 billion) and Mexico (US$3.8 billion).
In the first nine months of 2008, China’s exports to the United States still ranked first, reaching US$24.4 billion.
Textiles are Vietnam’s second largest foreign exchange earning product, second only to crude oil. In 2007, textiles accounted for 43% of Vietnam’s total exports to the United States of US$10.6 billion.
