export value this year would reduce by 10-15 per cent to $33.6-36 billion
VINATEX also said the total textile and garment export value for this whole year is estimated to hit about $32.75 billion, a year-on-year decrease of 16 per cent. Le Tien Trưong, General Director, Vinatex said the textile and garment will face greater difficulties in the final half of the year than the first half.
Vietnam Textile and Apparel Association (VITAS) said the second quarter was the most difficult quarter for the textile and garment industry as customers in major export markets such as the US and EU cancelled 30-70 per cent of orders because the markets were closed due to the Covid-19 pandemic.
The Ministry of Industry and Trade also said as of July, many textile and garment enterprises had few orders for the last two quarters of this year, especially high-value products. Meanwhile, face masks and personal protective equipment, which are considered major products for many garment enterprises, have sharply decreased due to global oversupply.
According to the ministry, Vietnam's export value of textiles and garments in July was estimated at $3.43 billion, up 14.4 per cent compared to June but down 11.8 per cent year-on-year.In the first seven months of this year, the textile and garment export value was at $19.21 billion, down 13.8 per cent year-on-year.
The ministry forecasts Vietnam's textile and garment export value this year would reduce by 10-15 per cent to $33.6-36 billion compared to last year.
Facebook Conversations