Apparel / Textiles & Accessories

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

According to customs data, Vietnam's clothing export in October was 3.18 billion US dollars, down 3.3% year on year. Customs data showed that the export to the United States was US $1 billion, a year-on-year decrease of 14%; Exports to South Korea reached US $380 million, down 9% year on year; Exports to China reached US $230 million, down 35% year on year. From the perspective of export category, the export of yarn reached 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 garment industry exports are expected to shrink in the first half of 2023. At present, the United States is Vietnam's largest clothing export market. Previous data showed that the retail sales of clothing and footwear in the United States took 8-10 months to gradually return to normal after inflation reached its peak. At the same time, the congestion of shipping orders recovered faster than expected, and the volume of new orders was not adjusted in time, resulting in the import volume of American clothing and footwear rising to a record high in August, which put pressure on destocking in the fourth quarter of this year and even in 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 increased negatively, which will bring challenges to Vietnam's textile and clothing enterprises.