Vietnam, the second biggest garment exporter in the world may see exports of its textiles and apparel falling between 8-10 percent in the current year as compared to the previous year.
“Textile and clothing exports may fall to between US $40-41 billion this year as against $44 billion reached in 2022,” media reports quoted a senior official of Vietnam Textile & Apparel Association (VITAS) as saying. The official added that there are signs of recovery beginning from the second half of the year as textile and garments exports fell slower by 13.5 percent in the first nine months of 2022, compared to 17 percent in the first half. The VITAS official expects that the next year could be better for textile and apparel exports than the current year.
High inflation has led consumers in Vietnam’s biggest export markets like the US, the EU, Japan, and South Korea tighten their purses leading to the export dip from the sector. Many export-oriented garment factories have either scaled down production or completely closed down due to a lack of orders.
