Vietnam earned $29.014 billion from textile and garment exports in the first nine months of 2022, an increase of 23.8 per cent over the same period of last year, as per preliminary data from customs IT and statistics department, general department of customs, Vietnam’s ministry of finance. However, exports in September 2022 fell 31.9 per cent month on month.
According to the latest figures, the US accounted for a major share (about 48 per cent) totalling $13.869 billion in the textile and garment exports of Vietnam during the period under review. Japan and South Korea were the other major destinations with exports of $2.920 billion and $2.522 billion, respectively.
Vietnam’s yarn exports, however, decreased by 7.8 per cent to $3.774 billion compared to the same period of last year. Of this, China imported around 46.41 per cent or $1.754 billion worth of yarn, followed by India that imported yarn worth $98.302 million. In volume terms, Vietnam exported 1,204,356 tons of yarn which was 17.7 per cent lower than the exports during the corresponding period of last year.
As per data, Vietnam’s exports of textiles and garment have registered a steep fall of 31.9 per cent in September 2022 compared to the previous month. It reflects the severe impact of slow demand in the international markets.
In 2021, Vietnam’s textile and garment exports earned $32.750 billion, registering a growth of 9.9 per cent over the exports of $29.809 billion in the previous year, while yarn exports increased by 50.1 per cent to $5.609 billion from $3.736 billion in 2020.
For 2022, Vietnam has set a target of $43 billion for its textiles, garments, and yarn exports, according to the Vietnam Textile and Apparel Association (VITAS).