Vietnam’s textile and garment exports in the first quarter of 2023, declined by 17 percent to $7.1 billion compared to the same period in 2022.
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The General Statistics Office (GSO) attributed the decline to global inflation.
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This decline was the deepest in the first quarter since 2009, according to the GSO. The global inflation forced consumers to tighten spending on non-essential products, resulting in a sharp decline in textile and garment export markets in the U.
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S. and EU. Experts are of the view that they expect a further slump in textile and garment exports during the rest of the year.
Textile and garment enterprises have been facing a shortage of export orders since the fourth quarter which has led to a sharp drop in export turnover. The factories have been operating below capacity. This has resulted in increased layoffs as orders for the second and third quarters are lower than routine.
General Director of Garment 10 Corporation, Than Duc Viet, revealed that reduced demand for textiles and garments was due to the impact of inflation, the pandemic, and geopolitical tensions between Russia and Ukraine. A new dimension has been added by the financial market instability and banking crisis that also affected demand.
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Product volumes in the second quarter are expected to decrease by 20-30 percent Than Duc Viet revealed as his company has not received new orders for production in the third quarter.
Pham Van Viet, VitaJean Chairman and Vice Chairman of the HCM City Garment, Embroidery and Knitting Association, said that purchasing power has not recovered in Japan, the US, and EU, while it has reduced by about 20-30 percent in February in the domestic market.
Most garment factories have reduced production lines and retrenched the workforce substantially.
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Experts expect pressure to stay in the first half of 2023 but expect gradual recovery as rates of inputs are also on the decline.
The revival is dependent on the conflict between Russia and Ukraine which has not cooled down yet.
