Vietnam’s clothing exports rebounded in 2017. Exports to the United States slowed down due to the sharp increase in export unit prices, while exports to the EU increased significantly. It is expected that with the implementation of preferential policies for duty-free access to EU clothing, Vietnam’s clothing exports to the EU will increase significantly. Increase.
According to statistics, Vietnam’s total textile and apparel exports in 2017, in US dollars, increased by 9.5% year-on-year, while in 2016 it only increased by 3.6% year-on-year. Vietnam’s textile and apparel exports grew rapidly from September to November, achieving double-digit growth.
In 2017, about 47.2% of Vietnam’s textile and apparel exports were to the United States, with exports increasing by 7.2% year-on-year. It is expected to gradually overtake China and become the largest supplier of textiles and apparel imports to the United States. Clothing exports to the EU increased by 13.2% year-on-year, becoming the largest supplier of textiles and apparel to the United States. The sixth largest clothing supplier in the EU; textile and clothing exports to China surged 33.8% year-on-year, mainly due to the surge in cotton yarn export sales; exports to South Korea are very strong, accounting for more than 10% of Vietnam’s total textile and clothing exports.
It is understood that due to the shortage of textile workers, Vietnam’s minimum wage level has been further increased since January 1, 2018, and labor costs have risen sharply, resulting in a sharp increase in export unit prices. It is worth noting that Vietnam still has a decisive advantage in the production of man-made fiber clothing, while the production speed of cotton products is relatively slow. (Title: Vietnam’s textile and apparel exports increased by 9.5% year-on-year in 2017)
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