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Vietnam’s textiles and garment export declined by 8 percent in November!

Vietnam with textiles and garments exports of $2.8 billion in the month of November 2022 posted a decline of 8 percent compared with exports achieved during the same month in 2021.

However, its exports to Vietnam in the first eleven months of this year were 18.5 percent higher than it earned on the export of textiles and garments during the corresponding period of last year. According to the data released by the Vietnam Ministry of Industry and Trade the total garment and textile exports reached 34.5 billion U.S. dollars during Jan-Nov 2022 period.

President of the Vietnam Textile and Apparel Association Vu Duc Giang lamented that the factors that impacted exports in November included a decrease in purchasing power of major markets for Vietnamese textiles. Inflation, and currency devaluation, he added are the other reasons. He said some damage was controlled as the exporters exploited new markets. This is the reason that some enterprises are still on the growth path. Although statistics belie his claim Giang was optimistic that the industry will achieve the export target of $42 billion this year.The textile and garment exports of Vietnam have already gone past last year’s export of $32.7 billion in the first eleven months of this year. Vietnams major export destinations are the United States, the European Union, Japan, China and South Korea.
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