According to the latest data released by the Vietnam Textile and Apparel Association (VITAS), the country’s garment and textile exports upped 21.20 per cent to US 15.20 billion in January-May ’21 period.
The association reported that fibre and yarn exports during the first 5-month period got a boost of 60.10 per cent on Y-o-Y basis to US $ 2.10 billion, while the shipment of fabrics increased 26.40 per cent to US $ 947 million.
In the mentioned period, Vietnam also imported US $ 10.20 billion worth of raw materials for garment and textile sector, marking a 33.40 per cent increase over the same period in 2020.
The Ministry of Industry and Trade, Vietnam attributed the growth to positive signals from the country’s major export markets as well as domestic businesses’ effective utilisation of opportunities from free trade agreements (FTAs) which have been signed and put in place.
The USA remained the largest importer of Vietnam’s garment and textile products with a value of US $ 6.02 billion, which is a 24.40 per cent increase as compared to the 5-month period of 2020. USA accounted for 49.20 per cent of the total garment and textile export revenue.
Japan ranked second with US $ 1.31 billion worth of import from Vietnam (down 6.30 per cent), followed by the EU with US $ 1.21 billion (up 14.70 per cent) and the Republic of Korea at US $ 1.07 billion (up 4.20 per cent).