Garment and textile sector leads nation’s exports

The garment and textile sector performed well in 2009, leading as the nation’s major export item despite impacts of the global economic slowdown, according to the General Office of Statistics.

Garment and textiles earned over 9 billion USD, a decrease of 1.3 percent since the previous year. However, the sector did surpass crude oil’s year-end revenue, which once led the country’s export list.

Export value of crude oil decreased 40 percent, while footwear went down 15.8 percent as well as wood products, 10 percent.

The US remained the largest importer of Vietnam ’s garment and textiles with import turnover of 4.9 billion USD, making up 55 percent of the sector’s export value. The figure saw a year-on-year decrease of 3 percent, exhibiting the smallest decline in comparison with export value with China, India and Thailand, which reduced by 10-25 percent.

The sector earned 930 million USD from garment and textile exports to Japan , an increase of 12 percent. Its exports to the Republic of Korea , Australia , Canada and Singapore also saw increases in value.

Besides garment and textile products, the sector also exported materials. Of which fabric exports increased 70 percent over 2008.

Chairman of the Vietnam Garment and Apparel Association Le Quoc An expressed his hope that the sector would earn about 10.5 billion USD from exports this year based on recovery signs from the country’s two major markets in the US and the EU.

In addition, the official said garment and textile sales to Japan is also expected to expand as Vietnam enjoys the tax rate of zero percent to exported garment and textile products under the Vietnam-Japan economic partnership agreement, that took effect in October 2009.

Tags: Vietnam garment export, Vietnam Garment industry