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Vietnam’s textile, garment exports to the US touches $3.15 billion

According to General Department of Customs reports, Vietnamese textile and garment exports to the United States in Q1 2018 increased 13.2 per cent year-on-year and hit three-year high touching $3.15 billion. The high exports was partly due to the rebound of American economy with improved data on employment, income and consumer confidence.

The US imported textile and garment products worth $25.29 billion, up 4.15 per cent against the same period last year. This was a positive signal as the market had shown a 3.89 per cent decline in Q1 2017. In terms of growth rate in the quarter, Vietnam ranked third among the US’s leading textile and garment exporters. Vietnam is also the US’s second largest textile and garment supplier, accounting for 11.53 per cent of its total market share for the first two months.

As China’s textile exports dip, there is a possibility that Chinese government will step up production rotation in neighboring countries to take advantages of cost-competitive labor, commercial expenses. Then, Vietnamese textile producers may see a wave of investments from mainland China, Hong Kong and Taiwan. VITAS expects textiles exports to the US will rake in $13.84 billion in 2018 for the country.

In Q1 2018 Vietnam’s textile and garment export to all markets was nearly $8 billion, a year-on-year rise of 13.3 per cent. And the country is expecting to meet its export target of $35 billion in 2018. Maintaining two-digit growth garment and textile exports in 2018 is expected to be better than in 2017. At present Vietnam exports more than $3 billion worth of yarn, nearly $1 billion worth of fabric and $400 million worth of garment accessories each year.

 
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