Textile and garment turnover exceeds 4 billion USD, highest since August 2022

According to statistics from the General Department of Customs, textile and garment exports in July reached 4.29 billion USD, up 12.4% over the same period last year. This is the first month in 2024 that textile and garment exports have exceeded the 4 billion USD mark and is also the month with the highest turnover since August 2022.

Vietnam National Textile and Garment Group said that textile and garment export turnover in July reached 4.29 billion USD, up 12.4% over the same period last year. (Source: Tin Tuc Newspaper)

In the first 7 months of 2024, textile and garment exports reached 23.9 billion USD, up 5.9% over the same period last year, equivalent to an increase of 1.33 billion USD; of which, textile fibers reached 2.53 billion USD, up 3.5% over the same period; textiles and garments reached 20.2 billion USD, up 6.3% over the same period; other technical fabrics and pieces reached 458 million USD, up 18% over the same period and textile, garment, leather and footwear materials and accessories reached 878 million USD, up 11.4% over the same period.

Currently, Vietnam exports textiles and garments to 113 countries and territories, but the main export markets of Vietnam's textile and garment industry are still the US, EU, Japan, Korea, and China.

However, according to experts, although Vietnam's textile and garment export results are positive, the world economic situation is experiencing many fluctuations, which will affect export industries, including the textile and garment industry. Therefore, domestic enterprises need timely information support from the Vietnam Trade Office in foreign markets.

Currently, domestic enterprises lack information about these technical measures, such as: the US Uyghur Forced Labor Prevention Act, the German Supply Chain Inspection Act, the EU Supply Chain Inspection Directive...

The Vietnam Textile and Apparel Association recommends that Vietnam Trade Offices abroad, especially in areas that are major export markets of the industry, grasp information and provide early warnings so that domestic enterprises can take response measures.

According to information from the Vietnam Textile and Apparel Association, the textile and garment industry of Bangladesh - the second largest textile and garment exporter in the world (after China) is facing difficulties. Many Bangladeshi textile and garment exporting enterprises are witnessing a decrease in the number of orders from 25 - 40%. In addition, for many reasons, they are also under pressure from a temporary decrease in production capacity; the pressure to increase wages for textile workers will reduce the advantage of labor costs....

Therefore, Vietnamese textile and garment enterprises need to take advantage of their competitive advantages. From now until the end of the year is the peak shopping season, enterprises are making efforts to introduce many new products in terms of materials and designs, meeting the strict standards of partners, to achieve the industry's export target of 44 billion USD this year.

To achieve the above goal, in the coming time, textile and garment enterprises need to diversify markets, diversify customer segments, products, and increase competitiveness. In particular, how to increase the use of opportunities from free trade agreements.

Source: https://baoquocte.vn/kim-ngach-det-may-vuot-moc-4-ty-usd-cao-nhat-ke-tu-thang-82022-282304.html