“Vietnam-EU Free Trade Agreement” comes into effect, textile and clothing exports surge
Vietnam’s apparel exports remained strong in the first quarter of 2018, and the export growth rate began to slow down compared with the past few years. In 2018, the Vietnam-European Union Free Trade Agreement (EVFTA) officially came into effect. Vietnam’s clothing exports to the EU increased significantly, while clothing exports to the United States slowed down significantly.
According to Vietnamese official statistics, Vietnam’s textile and apparel exports surged 14.55% in US dollars in the first quarter of 2018, reaching US$6.44 billion. Among them, the share of yarn exports increased sharply, and clothing exports began to weaken.
In the first quarter, Vietnam’s textile and clothing exports to China soared 41%, reaching US$269 million; exports to the United States increased 11.6%, accounting for 47.3% of Vietnam’s total exports; exports to Japan and South Korea also saw two figures Exports to Germany soared by 15%, and exports to France increased by 28%. This is a sign that Vietnam has gradually become a major supplier of textiles and clothing to Europe.
In contrast, according to official U.S. data, U.S. demand for Vietnamese textiles and clothing has begun to gradually slow down. In the first quarter, U.S. imports from Vietnam only increased by 1.7% year-on-year, while imports from China increased by 3.7% year-on-year. The United States’ import share of textiles and clothing from Vietnam accounted for 14.9%, and its share of imports of textiles and clothing from China accounted for 30.2%. (Title: “Vietnam-EU Free Trade Agreement” comes into effect, textile and clothing exports surge)
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