Vietnam’s textile export market grew significantly this quarter
According to data from the General Bureau of Statistics of Vietnam, Vietnam’s textile and garment exports in March this year reached US$1.15 billion, making it the only export product with an export value exceeding US$1 billion in March; the cumulative export value in the first quarter of this year was 3.23 billion US dollars, an increase of 15.4% compared with the same period last year.
The Vietnam Textile and Garment Association (Vitas) stated that sales in traditional export markets such as the United States and Japan still grew steadily in the first quarter of this year. The United States is the largest export market, accounting for 52% of total exports.
Since Vietnam and Japan signed an economic partnership agreement in 2009, Vietnam’s textile and garment exports to Japan have enjoyed tax reductions. Exports to the Japanese market surged by 30% in the first quarter, and exports to the Korean market also surged by 55% in the first quarter. %; in the European market, due to the credit crisis, export growth was only 3.5%, which was a significant decline compared with the high growth rate of 33% in the same period last year.
Pham Xuan Hong, vice president of the Vietnam Textile and Garment Association, said that Vietnamese textile and garment industries are facing fierce competition from India, Bangladesh, Pakistan, Indonesia and Cambodia. Coupled with the gradual slowdown in international consumer demand, Vietnamese industry must More competitive prices attract customers and orders.
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