In June 2020, Vietnam'S Textile And Clothing Exports Increased By 40% Month On Month

In June 2020, Vietnam's textile and clothing export amount was 2.602 billion US dollars, with a month on month increase of 39.37% and a year-on-year decrease of 9.66%; the export of yarn was 127200 tons, with a year-on-year increase of 0.24% and a month on month increase of 27.95%.

In June 2020, Vietnam's cotton import volume was 120400 tons, with a year-on-year decrease of 16.09% and a month on month decrease of 5.22%; the yarn import volume was 77000 tons, with a year-on-year decrease of 8.86%, and a month on month increase of 33.09%; the import volume of fabric was 1.04 billion US dollars, with a year-on-year decrease of 7.19% and a month on month increase of 11.73%.

Although the new crown epidemic has a short-term impact on Vietnam's textile and garment exports, Vietnam's textile and clothing industry has recovered faster. First, the free trade agreement between Vietnam and the European Union (evfta) was signed and passed at the end of June. After the agreement comes into effect, the EU will immediately cancel about 85.6% of Vietnam's import tax, of which 77% of textile tariff will be cancelled, and 48.6% of EU's textile export to Vietnam will also be cancelled 5% tariff will be cancelled; 99% tariff on goods of both sides will be cancelled in 10 years. Although evfta also has restrictions on the shortage of raw materials for textiles and clothing and the rules of origin of evfta, it is still a "significant positive" for Vietnam. Second, competitors such as India, the spread of domestic epidemic is more serious, the operating rate is low, so the overall recovery of the industry is relatively slow.

The export value of Vietnam's textile and clothing decreased by 1.38-1.38 million tons, which was 1.38-1.28 billion tons in 2020, which was 1.38-1.38 billion tons in 2020.