Vietnam ranked first in China’s exports of ASEAN textiles in the second quarter

The China-ASEAN Business Council released a report on the 31st stating that China’s exports of textile raw materials and textile products to Vietnam in the second quarter were approximately US$3.78 billion, ranking first among the ten ASEAN countries.
The “China-ASEAN Free Trade Area Quarterly Report” for the second quarter of 2014 shows that among the ten ASEAN countries, Vietnam has become China’s largest exporter of textile raw materials and textile products with a value of US$3.78 billion, significantly higher than Indonesia, which ranks second ( About US$1.5 billion), Malaysia in third place (about US$1.3 billion).
Limited by factors such as weak independent design capabilities, Vietnamese textile companies are currently mainly engaged in product processing. Since 2013, Vietnam’s textile exports have begun to grow rapidly, but it cannot produce high-quality fabrics domestically, so it needs to import a large amount of textile raw materials.
Data from the Vietnam Textile Association shows that in the first half of 2014, Vietnam’s textile industry exported US$10.4 billion, a year-on-year increase of 18.4%, of which textile exports were approximately US$9.25 billion.
The Vietnam Textile Association previously predicted that in the second half of 2014, the target of exporting textiles would be 13 billion to 13.5 billion US dollars, and the import of raw and auxiliary materials would continue to increase.
The association pointed out that efforts should be made to increase the proportion of localized textile raw materials in Vietnam and reduce the trade deficit.