Textile, garment export markets grow

Vietnam registered a growth in textile and garment exports to most of the major markets in the first five months of 2018.-Photo laodong.vn

Exports of textiles and garments to the markets of the member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) accounted for 17.1 per cent of the country’s total garment export turnover, reaching US$1.87 billion.

Of this, the exports to Japan saw the highest increase at 22.6 per cent, reaching $1.39 million. The exports to Singapore rose by 22 per cent to $39.16 million, to Canada by 17.4 per cent, reaching $230.29 million and to Australia by 16 per cent, touching $79.41 million.

CPTPP will come into effect in early 2019 and is expected to open a great opportunity for the Vietnamese textile and garment industry, pushing its export value up by 3 to 6 per cent per year.

According to the General Department of Vietnam Customs, the January-May period saw the national textile and garment export growth reach 16.2 per cent year-on-year to $10.91 billion, accounting for 11.2 per cent of the total export value of Viet Nam.

It said the value to almost all the major markets increased against the same period last year. The United States was the largest export market for Vietnam’ textile and garment products, with a growth of 12.4 per cent in value, reaching $5.15 billion.

It was followed by the European Union with a growth of 12.1 per cent to $1.43 billion; Japan, up by 22.6 per cent to reach $1.39 billion; and South Korea, up by 22 per cent to touch the $1.09 billion mark.

Meanwhile, the exports to Turkey jumped sharply by 96.8 per cent, reaching $19.23 million; Poland, 69.3 per cent, reaching $23.43 million; Myanmar, 65.9 per cent, reaching $9.19 million; Egypt, 65.2 per cent, touching $2.33 million; Hungary, 60.4 per cent, reaching $1.84 million.

The garment and textile exports of foreign-invested enterprises accounted for 60.6 per cent of the total garment export value, reaching $6.62 billion, up by 16.8 per cent over the same period last year.