Vietnam'S Export Of Textile, Clothing, Leather And Footwear Will Decrease Sharply In 2020

Vietnam's "Vietnam Economic Times" reported on January 8: Vietnam's Ministry of industry and trade reported that affected by the outbreak of new crown pneumonia, Vietnam's clothing and textile exports in 2020 reached 35.27 billion US dollars, down 9.29% year-on-year. The export of leather footwear is about 20 billion US dollars, which is 2 billion US dollars less than that in 2019.

According to the report, in recent years, Vietnam's garment and textile industry has made great use of such free trade agreements as Vietnam South Korea Free Trade Agreement (vkfta), Vietnam Asia Europe Economic Union free trade agreement (vn-eaeufta), comprehensive and progressive trans Pacific Partnership Agreement (cptpp), Vietnam EU free trade agreement (evfta). In 2016, the export value of clothing and textiles reached 28.1 billion US dollars, reaching 38.9 billion US dollars in 2019, with an average annual growth of 9.55%. In 2016, Vietnam's clothing and textile exports ranked fourth after China, Palestine and India, and surpassed India and ranked third in the world by 2019.

Affected by the new crown pneumonia epidemic, Vietnam's clothing and textile industry, like tourism, aviation, leather and shoes industry, will become one of the industries that suffer the most serious losses in 2020. Vietnam's clothing and textile exports have been seriously affected by the sharp drop in demand for epidemic prevention and control measures in the US and European markets (accounting for 48% and 18% respectively of Vietnam's clothing and textile exports). The export of leather and footwear industry also encountered great difficulties due to the shrinking epidemic situation in the main markets of the United States and Europe (accounting for 36% and 27% of the export share of the industry respectively).