Vietnam’s apparel exports to major markets surge
Vietnam’s apparel exports to major markets such as the United States, the European Union, and South Korea soared sharply in the first four months of 2022, driven by demand driven by global economic recovery and incentives from free trade agreements.
Vietnam Customs Administration reported that Vietnam’s apparel exports to the United States grew by 26.8% in four months to approximately US$6 billion, accounting for 59% of the country’s total export value. %.
The most noteworthy is that throughout the review period, Vietnam’s clothing exports to the EU also surged 34.6% year-on-year to nearly US$1.3 billion.
Exports to South Korea also grew strongly, with turnover reaching US$1 billion, an increase of 8.7%, while exports to Japan fell 2% to US$1.05 billion compared with the same period last year.
Experts predict that the prospects for apparel and textile exports to the US and EU markets are still promising, and these markets will continue to release a large number of orders.
In addition, as part of efforts to reduce costs, foreign importers tend to work directly with production units and skip middlemen.
At the same time, customers are increasingly worried that China’s “epidemic clearance” policy will have a negative impact on supply sources and disrupt the supply chain. Therefore, there is an increasing trend of orders shifting to neighboring countries, and Vietnam is expected to benefit from this.
The implementation of the Vietnam-European Union Free Trade Agreement (EVFTA) in August 2020 has helped create a competitive advantage thanks to zero-tariff incentives available for Accelerate exports to the EU market.
According to the latest statistics from the General Administration of Customs of Vietnam, the export volume of the clothing and textile industry from January to April was US$11.83 billion, a year-on-year increase of 22.2%.
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