Vietnam’s textile & garment exports grow 14.7% to $37.5 bn in 2022

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Vietnam earned $37.566 billion from textile and garment exports in the year 2022, an increase of 14.7 per cent over the previous year, as per preliminary data from customs IT and statistics department, general department of customs, Vietnam’s ministry of finance. The shipment fell short compared to a target of $43 billion for the last year.

The US accounted for a major share (about 46.20 per cent) totalling $17.359 billion in the textile and garment exports of Vietnam during the period under review. Japan and South Korea were the other major destinations with exports of $4.072 billion and $3.309 billion, respectively, according to the latest figures.

Vietnam’s yarn exports, however, decreased by 16 per cent to $4.713 billion compared to the same period of last year. Of this, China imported around 46.28 per cent or $2.181 billion worth of yarn, followed by India that imported yarn worth $120.996 million. In volume terms, Vietnam exported 15,73,872 tons of yarn which was 18.4 per cent lower than the exports during the corresponding period of last year.

Vietnam’s exports of textiles and garment inched up 0.3 per cent in December 2022 compared to the previous month. The shipment was recorded at $2.9 billion in the last month of the year 2022. Overall, a tough time for exports continued and the growth slowed down, but Vietnam managed to remain in green zone in recent months.

In 2021, Vietnam’s textile and garment exports earned $32.750 billion, registering a growth of 9.9 per cent over the exports of $29.809 billion in the previous year, while yarn exports increased by 50.1 per cent to $5.609 billion from $3.736 billion in 2020.

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

For more information, please contact Vietnam Trade Office in Canada at Ca@moit.gov.vn