Textile, garment exports projected to hit 44 billion USD this year

Textile and garment exports are likely to hit 44 billion USD this year, said Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.

According to statistics of VITAS, total textile and garment export turnover in October reached 3.86 billion USD, up 10.7% over the previous month and 24.26% compared to the same period last year.

The export turnover in the first ten months of this year reached 36.11 billion USD, up 9.86% over the same period in 2023. Vietnam has exported textile and garment products to more than 100 countries and territories.

Giang said that textile and garment export activities are expected to continue to improve at the end of the year, with key export markets of Vietnam such as the US, the EU, Japan, and China still maintaining growth. Meanwhile, there is potential in the ASEAN, Russian, and Canadian markets for businesses to increase their sales.

In addition, the continuing downward trend in freight rates is also supporting the growth of textile and garment exports. In addition, the cooling interest rate policy in the US and Europe is expected to stimulate year-end shopping demand.

However, he noted that the textile and garment industry is still facing many challenges including stricter standards from buyers in the EU and US markets and a growing trend of green, sustainable, and digital development which require businesses to focus on investing in technology to adapt and seize opportunities.