AsemconnectVietnam - Vietnam's textile and apparel exports rose by nearly 9% in the first ten months of the year, new figures show, with the numbers supporting claims the country will be one of the biggest beneficiaries of the US-China trade war as fashion firms move to alternative sourcing destinations.

Data from Vietnam's General Statistics Office reveals the country earned US$27.36bn from apparel and textile exports in the period from January to October, an increase of 8.7% on the previous year. For the month of October alone, exports were up 9% to $2.75bn year-on-year.The US continues to be Vietnam's largest export market, followed by the European Union, Japan, South Korea and China.Figures from the Vietnam Textile and Apparel Association also show the country imported inputs worth $21.9bn last year, an increase of 15.3% on the year prior. This included cotton, fibre, fabrics, and materials. According to the re:source by just-style strategic sourcing tool, growth in Vietnam's exports of textiles and apparel has outpaced that of other countries, reaching its fastest pace

in eight years during 2018, in part because of a shift in labour from agriculture to manufacture and the rise of new global supply chains evolving from ongoing US-China trade tensions.The country is hoping to reach a textiles and apparel export turnover target of $40bn this year, an increase of 10.8% year-on-year. However as more companies expand their supply chains into Vietnam there are fears that competition for limited factory capacity will start to push up prices, with further pressures on orders coming from the country's participation in two major new trade deals: the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA).Vietnam's apparel industry accounts for about 15% of the country's total exports, reaching more than US$36bn in 2018. The country now ranks among the top-five garment exporters globally.
Source: Reuters.com