In 2017, Vietnam’s clothing exports rebounded. The sharp increase in export unit prices has slowed down, and exports to the EU have increased significantly. It is expected that Vietnam’s clothing exports to the EU will increase significantly with the implementation of preferential policies for the EU’s clothing duty-free access.
According to statistics, the total value of Vietnam’s textile and apparel exports in 2017 was calculated in U.S. dollars, up 9.5% year-on-year, and in 2016 it was only 3.6% year-on-year. From September to November, Vietnam’s textile and apparel exports grew rapidly, achieving double-digit growth.
In Vietnam, approximately 47.2% of Vietnam’s textiles and garments were exported to the United States in 2017, and its export value increased by 7.2% year-on-year, which is expected to gradually surpass China to become the largest supplier of textile and apparel imports to the United States; the EU’s apparel export volume increased by 13.2% year-on-year, becoming the sixth largest in the European Union. Large apparel supplier countries; China’s textile and apparel exports surged by 33.8% year-on-year, mainly due to the surge in cotton yarn export sales; exports to South Korea were very strong, accounting for more than 10% of total textile and apparel exports in Vietnam.
It is understood that due to the shortage of textile workers, the minimum wage level in Vietnam has been further increased since January 1, 2018, and the sharp rise in labor costs has led to a sharp rise in export unit prices. It is worth noting that Vietnam still occupies a decisive advantage in the production of man-made fiber garments, while the production speed of cotton products is relatively slow.