Textiles, garment exports to major market grow
Vietnam witnessed growth in textiles and garment exports to most of the major markets in the first five months of 2018, reported the General Department of Vietnam Customs.
 |
|
Vietnam registered a growth in textile and garment exports to most of the major markets in the first five months of 2018. (Source: laodong.vn)
|
Exports to Japan saw the highest increase at 22.6%, reaching US$1.39 billion. The exports to Singapore rose by 22% to US$39.16 million, to Canada by 17.4%, reaching US$230.29 million and to Australia by 16%, touching US$79.41 million.
The 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 year.
According to the General Department of Vietnam Customs, the January-May period saw the national textile and garment export growth reach 16.2% year-on-year to US$10.91 billion, accounting for 11.2% of the total export value of Vietnam.
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% in value, reaching US$5.15 billion.
It was followed by the European Union with a growth of 12.1% to US$1.43 billion; Japan, up by 22.6% to reach 1.39 billion; and the Republic of Korea, up by 22% to touch the US$1.09 billion mark.
Meanwhile, the exports to Turkey jumped sharply by 96.8%, reaching US$19.23 million; Poland, 69.3%, reaching US$23.43 million; Myanmar, 65.9%, reaching US$9.19 million; Egypt, 65.2%, touching US$2.33 million; Hungary, 60.4%, reaching US$1.84 million.
The garment and textile exports of foreign-invested enterprises accounted for 60.6% of the total garment export value, reaching US$6.62 billion, up by 16.8% over the same period last year.
