Trade turnover of garment and textile plunges in first four months The trade turnover of the garment and textile sector in the first four months reported on-year decreases of 6.6 per cent in terms of export turnover to $10.46 billion and 9 per cent in material import turnover to $6.4 billion. According to the statistics published by the Vietnam Textile and Apparel Association (Vitas), the total import-export turnover of the garment and textile sector in the first four months was $17.04 billion. The yarn export turnover saw a deep decline by 12 per cent to $1.18 billion and nonwoven fabric by 22 per cent. The import turnover for fabric and raw cotton was down 11 and 8 per cent to $3.63 trillion and $345 million, respectively. The trade surplus of this industry in the first four months was $5.38 billion, signifying a decrease of 3.19 per cent on-year. The two major reasons of these bleak results come from the impact of the US-China trade war and the COVID-19 pandemic. Vitas forecast that the garment and textile industry’s future will remain bleak this year with the plunge in both import-export turnover for the whole year. Vitas issued numerous scripts for this… Read full this story
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