Vietnam’s textile and clothing exports to the EU dropped sharply
According to statistics from the Vietnam Textile and Apparel Association (Vitas), from the beginning of this year to mid-March, textile and apparel exports to the EU fell by an average of 25% to 30% year-on-year. The person in charge of Vitas said that the reason for the decline in exports was due to the debt crisis in EU countries, consumers tightened consumption, and the import market shrank. In addition, EU importers are gradually shifting orders from Vietnam to Cambodia, Laos and Bangladesh to avoid the 10% import tax, because the above-mentioned countries also enjoy the zero-tariff import tariff most-favored nation treatment provided by the EU to developing countries.
At the same time in previous years, Vietnamese textile companies have signed orders for the third quarter, but currently importers only place small orders, and many companies have not even received orders for the second quarter.
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