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Garment and textile exports soar 15% to reach US$12.2 billion in five months

Vietnam’s garment and textile exports were estimated to have reached US$12.2 billion in the first five months of 2021, up 15% over the same period last year, according to the Ministry of Industry and Trade (MOIT).

In its report published recently, the ministry attributed the growth to positive signals from the country’s major export markets as well as domestic businesses’ effective utilisation of opportunities from the free trade agreements (FTAs) which have been signed and put in place.

Garment and textile exports, soar 15%, five months, Ministry of Industry and Trade, free trade agreements,  total revenue

Garment and textile workers at a factory in the Mekong Delta province of Long An.

Vietnam’s fibre and yarn exports during January-May soared by 60.1% year-on-year, while exports of curtain fabrics and other technical fabrics also reported a sharp increase of 66.2%.

The United States remained the largest importer of Vietnam’s garment and textile products with a value of US$6.02 billion, up 24.4% from the same period in 2020 and accounting for 49.2% of the sector’s total revenue.

Japan was the second largest consumer at US$1.31 billion (down 6.3%), followed by the European Union (27) at US$1.21 billion (up 14.7%) and the Republic of Korea at US$1.07 billion (up 4.2%).

In the first five months, Vietnam spent more than US$10.2 billion on importing raw materials for the garment and textile industry, representing a 33.4% increase over the same period in 2020.

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Source: NDO

Garment and textile exports, soar 15%, five months, Ministry of Industry and Trade, free trade agreements, total revenue
 
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