United States became the largest importer of textile and garments products from Vietnam with shipments to the country surging to over $11 billion by the end of September 2023.
As per Vu Duc Giang, Chairman, Vietnam Textile and Apparel Association (VITAS), this year, Vietnam also expanded its export base to 104 countries and destinations.
Japan followed as the second largest importer of textiles and garments from Vietnam with shipments worth $3 billion to the country. The third largest importer of textiles and garments from Vietnam was the European Union whose imports totaled $2.9 billion, South Korea, with textiles and apparels imports worth $2.43 billion ranked fourth, while Canada with imports totaling $850 million and China with garment and textile imports worth $830 million ranked fifth and sixth respectively. .
Jackets remained the most exported clothing item from Vietnam during this period with exports totaling $4.38 billion. Those were followed by trousers with over $3.85 billion worth of exports and shirts with exports of $1.87 billion.
Vietnam can reduce its dependency on large markets by diversifying markets, products, customers and partners, opines Giang. In 2022, the country earned an export revenue worth over $44 billion. However, in 2023, its export earnings are expected to decline by over 9 per cent. to over $40 billion.
