Apparel / Textiles & Accessories

Wu Dejiang, chairman of Vietnam Textile and Garment Association, recently said that Vietnam's clothing export volume in 2022 is expected to reach 42 billion US dollars, slightly lower than the set target of 43 billion US dollars to 44 billion US dollars.

According to customs data, Vietnam's clothing export in October was 3.18 billion US dollars, a year-on-year decrease of 3.3%. According to the customs data, the export to the United States was 1 billion US dollars, a year-on-year decrease of 14%; Exports to South Korea reached 380 million US dollars, down 9% year on year; Exports to China reached 230 million US dollars, a year-on-year decrease of 35%. In terms of export categories, the export of yarn was 307 million US dollars, a year-on-year decrease of 34%; According to customs data, textile exports reached 2.87 billion US dollars, up 11.7% year on year.

According to customs data, Vietnam's textile and clothing industry exports are expected to shrink in the first half of 2023. At present, the United States is Vietnam's largest clothing export market. According to previous data, it took 8-10 months for the retail sales of clothing and footwear in the United States to gradually return to normal after inflation reached its peak. At the same time, the congestion of ocean shipping orders recovered faster than expected, and the volume of new orders was not adjusted in time. As a result, the import volume of American clothing and footwear rose to a record high in August, which put pressure on destocking in the fourth quarter of this year and the first half of 2023. According to customs data, since October 2022, the retail sales of clothing and footwear in Vietnam's main export markets have experienced negative growth, which will bring challenges to Vietnam's textile and clothing enterprises.