In July 2008, Vietnamese Clothing Exports Amounted To US $930 Million.

2008/8/25 16:09:00 21

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In July 2008, Vietnam's clothing export revenues amounted to $930 million, resulting in a record $5 billion 100 million in exports in the first 7 months of this year, compared with a 20.5% rise in the same period.

Li Guoen, chairman of Vietnam Textile and Apparel Association (Vitas), explained that for Vietnam's garment industry, the 7-9 month is a harvest period.

In view of the excellent performance in July, there will be positive prospects in the next two months. It is estimated that by the end of this year, the export of Vietnam's textile and garment industry is expected to reach US $9 billion 500 million.

However, the textile and garment industries must deal with many difficulties, such as high inflation, high interest rates on commercial loans, expensive raw materials, strikes and resignations, and other factors.

In addition, the textile and garment industry is totally dependent on major markets, such as the United States (market share 55%), the European Union (market share 17%) and Japan (market share 8%).

In order to pfer risks, industry experts suggest that exporters should actively seek other export markets, such as the Middle East and South Africa.

Vitas also recommends that garment manufacturers not ignore regional markets, such as South Korea, Singapore and Taiwan.

Li Guoan said that some of the Vietnamese made garments were sold to the Asia Pacific region. Although the sales volume is still small, the garment manufacturers are willing to operate small markets in the current environment, and they should be able to get good profits.