Vietnam’s garment export value will be lower than the target
VuDucGiang, chairman of the Vietnam Textile and Apparel Association (VITAS), said that Vietnam’s clothing exports are expected to reach 42 billion US dollars by the end of 2022, slightly lower than the 430 billion set this year. -$44 billion target.
Clothing exports in October were US$3.18 billion, a year-on-year decrease of 3.3%. Among export items, yarn exports decreased by 34% year-on-year to US$307 million, while textile exports increased by only 1.7% to US$2.87 billion.
At the same time, apparel exports to major markets declined. Exports to the United States fell 14% year-on-year to US$1 billion, exports to South Korea dropped 9% to US$380 million, and exports to China dropped 35% to US$230 million.
Chairman Wu attributed the decline in apparel exports in October to the uncertainty of the global economy, including the appreciation of the U.S. dollar, rising interest rates and weakening demand. However, as of October, the export value of ready-made garments increased by 17.2% year-on-year, exported to 66 different countries and regions, with a total value of US$37.9 billion.
Clothing accounts for a large portion of the total export value of the textile industry, creating an export volume of approximately US$29.1 billion. The United States ranks as Vietnam’s largest clothing importer, with a value of US$13.9 billion.
In addition to textiles and clothing, Vietnam also exports fabrics, yarns, and sewing materials, generating revenue of US$2.13 billion, US$4.08 billion, and US$1.17 billion respectively.
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