Vietnam's textile and garment industry has faced negative export growth Negative growth The textile and garment industry's export value in the first four months of this year dropped 6.6 percent to US$10.64 billion, while its import value totaled US$6.39 billion, down 8.76 percent, compared to the same period last year. Specifically, export value of garment products dropped 5.98 percent to US$8.2 billion, 0.3 percent to US$664 million for fabric products, 11.54 percent to US$1.19 billion for yarn products and six percent to US$354 million for textile materials. Meanwhile, the import value fell 7.98 percent to US$893 million for cotton, 2.45 percent to US$758 million for yarn products, 10.99 percent to US$3.63 billion for fabric products, and 5.82 percent to US$1.11 billion for textile materials. The industry has never faced such low growth in both imports and exports, said Truong Van Cam, Vice Chairman of the Vietnam Textile and Apparel Association (VITAS). Cam attributed the reduction to lack of export orders, adding that those figures are forecast to drop further in May and June because most export orders for those months have been cancelled. Many enterprises in the industry are also carrying bad debts, he said. Many export garment enterprises are… Read full this story
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