Vietnam’s textile & garment exports up 24.3% to $26 bn in Jan-Aug ’22

Vietnam earned $26.284 billion from textile and garment exports in the first eight months of 2022, an increase of 24.3 per cent over the same period of last year, as per preliminary data of customs IT and statistics department, general department of customs, Vietnam’s ministry of finance. Yarn exports were $3.452 billion in the same period of this year. 

According to the latest figures, the US accounted for a major share (about 46 per cent) totalling $12.881 billion in textile and garment exports from Vietnam during the period under review. Japan and South Korea were the other major destinations with exports of $2.536 billion and $2.143 billion, respectively. 

Vietnam’s yarn exports, however, decreased by 5.3 per cent to $3.452 billion compared to the same period of last year. Of this, China imported around 46.49 per cent or $1.605 billion worth of yarn, followed by India that imported yarn worth $87.993 million. In volume terms, Vietnam exported 1,088,677 tons of yarn which was 17.4 per cent lower than the exports during the corresponding period of last year. 

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).