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Vietnam’s textile, garment exports witness 21.6% growth in Jan-Oct 22

Vietnam’s textile, garment exports earned $31.729 billion in January-October 2022. Witnessing a staggering growth of 21.6% in the first 10 months of 2022, as per preliminary data from customs IT and statistics department, general department of customs, Vietnam’s ministry of finance. Although, the data also showed that textile and apparel exports in September 2022 fell by 0.8% month-on-month.

Vietnam Textile and Apparel Association (VITAS), has set a target of $43 billion for its textiles, garments, and yarn exports in 2022.

Figure: Vietnam’s textile and garment exports performance in January-October 2022. 

Among the top textile and apparel exporting countries, the USA accounted for the main share with exports reaching $14.887 billion in January-October 2022. Witnessing a 46.91% growth. While export to Japan reached $3.298 billion in January-October 2022. And $2.860 billion in export earning in South Korea during the period.

In terms of Vietnam’s yarn exports – the country witnessed a 10.6% negative growth to $4.083 billion Y-o-Y.

Although, in terms of month-wise performance, the data showed that textile and apparel exports in September and October. As per the data, in September 2022, textile and apparel exports fell by 0.8% month-on-month. While, October 2022, Vietnam’s exports of textiles and garments registered a fall of 0.8% in October 2022 compared to the previous month. And the textile and apparel exports dropped by 31.9% in September 2022 month on month. Reflecting the stark impact of slow demand in the international markets.

Vietnam’s yarn exports, however, decreased by 10.6 percent to $4.083 billion compared to the same period last year. Of this, China imported around 46.36 percent or $1.893 billion worth of yarn, followed by India that imported yarn worth $103.887 million. In volume terms, Vietnam exported 13,21,022 tons of yarn which was 18 percent lower than the exports during the corresponding period of last year.

According to the VITAS, Vietnam’s textile and garment exports earned $32.750 billion in 2021. Recording a 9.9% growth, while yarn exports earned $5.609 billion and observed a 50.1% growth.

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