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Vietnam’s apparel exports shrink 9.3% in 10 months

Vietnam’s textile and apparel export declined 9.3% year on year to nearly US$ 24.8 billion in the first 10 months of this year, according to the General Statistics Office revealed recently.

In October alone, Vietnam’s textile and garment exports fell 3.2% year on year to $2.6 billion.

Figure: Vietnam’s textile and apparel export scenario in the first 10 months of this year.

In 2019, Vietnam exported roughly $32.6 billion up 6.9 percent from 2018, according to the Statistics Office.

According to Lao Dong (Labor) – a local newspaper – citing the Vietnam Textile and Apparel Association, Vietnam will gain an estimate of US$32 billion from exporting garments and textiles this year, compared to the target of US$40 billion.

Vietnam’s key export markets including China, Japan, the European Union, South Korea and the United States. The COVID-19 pandemic caused dual damages to the garment and textile sector of Vietnam as it disrupted material supplies and decreased global demand, the Vietnam Textile and Apparel Association said.

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