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APPAREL, FOOTWEAR EXPORTS TO U.S., EU SURGE
Vietnam’s apparel and footwear exports to the United States and the European Union (EU) have grown significantly.
According to the General Department of Vietnam Customs, the nation exported US$3.15 billion worth of textile and garment products in April, taking the total in the first four months of the year to US$11.83 billion, up 22.2% year-on-year.
In the four-month period, Vietnam’s apparel exports stateside rose 26.8% to some US$6 billion. The United States accounted for up to 59% of Vietnam’s total apparel export revenue.
Apparel exports to the EU market also surged 34.6% over the same period last year to US$1.3 billion. Meanwhile, the revenue from export to South Korea hit US$1 billion, up 8.7%, and the figure to Japan fell 2% to US$1.05 billion.
Large enterprises in the sector are upbeat about exporting textile and garment products to the United States and the EU thanks to an increasingly high number of large orders.
Importers are working directly with producers, thus reducing costs.
Many buyers are concerned about the impact of China’s zero-Covid policy on supply chains, so they have sought to shift some of their orders to regional countries, including Vietnam.
As for the EU market, the European Union-Vietnam Free Trade Agreement, which took effect in August 2020, further facilitated exports to the bloc.
The customs agency’s statistics also showed that footwear exports reached nearly US$7.32 billion in the first four months of the year, up 12.4% year-on-year.
The United States took the lead in footwear imports from Vietnam with revenue of US$3.16 billion, up 20.6% versus the year-ago period and making up 43% of Vietnam’s total footwear export revenue.
The EU ranked second with over US$1.77 billion, increasing 19% and accounting for 24.3%.
According to experts, U.S. importers tend to shift from traditional supplying countries to emerging economies. Vietnam’s improved product quality and competitive prices have attracted more buyers from the U.S., the EU and Japan.
Source: The Saigon Times
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