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The US accounted for 42.98 percent of Vietnam’s textile and apparel exports during this period, amounting to $1.955 billion. Japan and South Korea were the other major destinations with exports worth $536.636 million and $505.085 million, respectively.
Vietnam’s yarn exports fell by 38.4 percent to $564.552 million compared to the same period last year, with China accounting for 31.20 percent of yarn imports at $176.580 million, followed by India at $8.949 million. Vietnam exported 196,593 tons of yarn, down 28.8 percent from the same period last year.
Vietnam’s textile and apparel exports declined by 19.6 percent to $4.548 billion in January and February 2023, according to preliminary data from the Department of Customs IT and Statistics, Department of Customs, Ministry of Finance of Vietnam. However, exports in February 2023 have increased by 1.9 percent compared to the previous month.
In 2022, Vietnam’s textile and apparel exports are set to grow 14.7 percent year-on-year to $37.5 billion against a target of $43 billion. In 2021, Vietnam’s textile and apparel exports are expected to hit $32.750 billion, a 9.9 percent increase over the previous year’s exports of $29.809 billion, while yarn exports are expected to increase by 50.1 percent to $5.609 billion in 2020 from $3.736 billion.
According to the Vietnam Textile and Apparel Association (VITAS), for 2023, Vietnam’s textile, clothing and yarn export target is $48 billion in terms of a positive market outlook.
Fibre2Fashion News Desk (KUL)