Vietnam’s textile and apparel exports drop 27% to $3.2 billion in September 2022

Vietnam’s textile and apparel exports fell 27%, or nearly $1.2 billion, in September 2022 to $3.2 billion month-on-month (MoM). China, South Korea, Japan, the United States and Europe saw a sharp drop in their exports due to weaker purchasing power due to rising inflation and other uncertainties.

“There are uncertainties until the end of the year, especially the Russian-Ukrainian conflict and fluctuations in material prices,” said the chairman of Vietnam’s National Textile and Clothing Group (Vinatex). , Le Tien Truong, quoted by the Vietnamese media. “Companies are looking for ways to diversify material supply sources as well as export markets, because when material sufficiency is ensured, they can increase shipments to many markets, helping to ensure the stability of the sustainable production, supply chain and exports.”

Vietnam’s textile and apparel exports fell by 27%, or nearly $1.2 billion, in September 2022 to $3.2 billion MoM. China, South Korea, Japan, the United States and Europe saw a sharp drop in their exports due to weaker purchasing power due to rising inflation and other uncertainties. The USD/VND exchange rate is expected to decline further in H2 2022.

The USD/VND exchange rate is expected to continue falling in the second half of 2022, negatively affecting businesses, especially those with high expenses calculated in US dollars, noted capital market firm Saigon Securities Incorporation (SSI).

Fibre2Fashion News Office (NB)


Michael O. Stutler