According to Vũ Đức Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), textile exports in August 2023 reached nearly 3.6 billion USD, a decrease of 6% compared to July and a 21.5% decrease compared to August 2022. The cumulative eight-month turnover was 26.2 billion USD, down 16% from the same period in 2022.
With an annual export target of 39 – 40 billion USD, the industry has so far completed 65%. The decline, as explained by Mr. Vũ Đức Giang, is due to a global surplus in textile inventory that has not yet been fully released. In addition, inflation has hindered the recovery of global consumer demand across all product categories.
The Chairman of VITAS predicts that global demand for textiles in 2023 will decrease by 8 – 10%, significantly impacting Vietnam’s textile export activities this year and into early 2024.
However, there are positive signs in textile imports and exports. Recently, partners from Europe, Northeast Asia, Southeast Asia, and others have shown a growing interest in garment products compared to previous months. Additionally, exports to the US and EU markets are improving. It is expected that the industry’s order book will gradually improve from Q4/2023.
Trần Ngọc Liêm, Director of the Vietnam Chamber of Commerce and Industry – Ho Chi Minh City Branch, mentioned that exports to the US market are showing signs of recovery, with August 2023 turnover reaching 1.5 billion USD, up 2.3% from the previous month.
The textile export turnover for August 2023 was the highest in the past 11 months and marks the fourth consecutive month of increasing export turnover compared to the previous month.
Similarly, SSI Research predicts that orders for the Vietnamese textile industry will gradually improve from Q4/2023. Orders with smaller volumes and faster delivery times (previously up to 2 months, now potentially reduced to 3 – 4 weeks) are expected to continue into 2024.
The August 2023 macro report by Bảo Việt Securities (BVSC) indicated that the industrial production index of the textile industry, yarn production, metal manufacturing, iron and steel production, and the production of beds, cabinets, tables, and chairs has shown strong growth compared to the same period. The industrial production index of the wood and garment manufacturing industries returned to positive growth in August 2023.
Source: Kinh tế đô thị
