The exports of fabric and garments from the Southeast Asian nation of Vietnam jumped 21.3 percent year-on-year to US$ 5.991 billion in the first four months of 2014, according to the preliminary data released by the Customs IT & Statistics Department, General Department of Customs, Vietnam’s Ministry of Finance.
With goods worth $2.949 billion, the United States was the largest importer of Vietnamese fabric and apparel during January-April 2014 period. Japan and South Korea were the other main destinations for Vietnamese fabric and clothing with imports valued at $783.957 million and $570.607 million, respectively.
During the four-month period, Vietnam exported 248,448 tons of yarn valued at $756.184 million, showing an increase of 20.6 percent year-on-year and 22 percent year-on-year, respectively, the data showed. Of this, China accounted for 112,418 tons of yarn worth $366.236 million.
Turkey imported 31,814 tons of yarn from Vietnam for $75.923 million during the period under review, followed by South Korea with 22,267 tons for $65.535 million.
Meanwhile, Vietnam’s cotton imports soared by 27.4 percent year-on-year to 255,311 tons during the initial four months of 2014. These were valued at $502.115 million, registering a surge of 29.8 percent year-on-year.
Similarly, Vietnam’s yarn imports grew by 12.2 percent year-on-year and 3.6 percent by volume and value, respectively, to 229,531 tons and $479.238 million. Fabric imports also climbed 18.3 percent to $2.796 billion.
Several new textile units are currently being set up in Vietnam with investment from companies based in China, Japan and other countries, in addition to the Vietnam National Textile and Garment Group (Vinatex), in order to reduce the country’s dependence on yarn and fabric imports.
Last year, Vietnam’s fabric and garment exports grew by 18.9 percent year-on-year to $17.946 billion, and if the current trend continues, the country’s fabric and garment exports are likely to cross the $20 billion mark this year.
