Vietnam's textile-garment exports dip by
12.1% in Jan-Jul
The export turnover of Vietnam’s textiles and apparel sector
in the first seven months of this year is estimated at
$16.18 billion—a fall of 12.1 per cent over the same period
in 2019, according to the ministry of industry and trade,
which said as of July, many businesses had almost no orders
for the last two quarters, especially in high-value
Meanwhile, the price of masks and protective goods has
fallen sharply due to oversupply globally.
The Vietnam Textile and Apparel Association (VITAS) recorded
an average rate of cancellation of orders at businesses in
the industry at about 30-70 per cent. A strong drop in
orders led to a rise in inventory along with the pressure to
pay wages, which increased difficulties faced by businesses.
However, some positive developments in sector include
Vietnam surpassing Bangladesh to become the second rank
holder in global garment and textile exports during the
first half of 2020.
Data from the General Statistics Office of Vietnam and the
Bangladesh Export Promotion Bureau show that Vietnam earned
$13.18 billion in the first six months of the year, while
Bangladesh earned only $11.92 billion, according to a press
release from Dony Garments.