Vietnam's 2022 textile and garment exports expected to reach $45.7 bln

Textile and garment export turnover from the beginning of the year to July 15, 2022, reached $20.4 billion, a record high, making the textile and garment ranked fourth in the commodity groups with high export turnover of the economy, according to the General Department of Customs. 

The growth rate of textile and garment exports over the same period in 2021 reached 19.7%, ranked fourth in 6 commodity groups with an increase of more than $1 billion, making an important contribution to bringing the total turnover of the garment industry to a higher level commodity export turnover of the country reached the largest ever, the growth rate was quite high (17.3%).

Regarding production, the industry has about 14,000 enterprises, with a total capital of over VND1.100 trillion ($47 billion). The total value of fixed assets and long-term financial investment reached over VND400,000 billion ($17.1 billion). Net sales of production and business reached nearly VND1,000 trillion ($42.7 billion). Enterprises in the industry are employing nearly 200,000 employees.

In the first 6 months, the textile production index increased by 4.5%; garment production index increased by 23.3%; fabric production increased by 11.4%; clothing increased by 12.1%; the number of workers in the textile industry increased by 6.3%; garment workers increased by 3.2%.

Import turnover of textile materials increased quite well compared to the same period in 2021. Specifically, cotton increased by 15.6%; textile fiber increased by 6.6%; fabrics of all kinds by 7.2%; raw materials for textile, garment, leather, and shoes increased by 4.6%.

Regarding export markets, in the first half of this year, Vietnam's textile and garment products were present in 55 countries, of which 17 markets reached over $100 million.

The major export markets of Vietnam's textile and garments are the US, Japan, Korea, Canada, China, Germany, Cambodia, etc. Most of these markets have increased over the same period last year and are markets signed a free trade agreement (FTA) with Vietnam.

With the average plan, the average export per month for the rest of the year is equal to the average from the beginning of the year to mid-July ($3.66 billion/month), and the whole year will reach $43 billion, up 18%.

Source: Báo Đầu tư